News pertaining to Ecuador ........
posted on
Mar 24, 2010 09:53PM
The company whose shareholders were better than its management
For Immediate Release March 24, 2010 TSX: CTQ NYSE AMEX: ETQ CRCC-TONGGUAN EXTENDS BID FOR CORRIENTE TO APRIL 28, 2010 Vancouver, British Columbia – CRCC-Tongguan Investment Co., Ltd. (the “Offeror”) announced today that it has extended to April 28, 2010 the expiry date of its February 1, 2010 offer (the “Offer”) to acquire at a price of C$8.60 in cash per share all of the outstanding common shares of Corriente Resources Inc. (“Corriente”), including all shares that may be issued on the exercise of options granted under Corriente’s stock option plan. The obligation of the Offeror to take up the shares of Corriente deposited under the Offer is subject to the receipt of replacement titles for its mining concessions in Ecuador, Canadian competition and foreign investment approvals, and approvals required from the government of The People’s Republic of China, in addition to other customary closing conditions as set out in the Offer documents, which are available on SEDAR. Corriente is pleased to announce that the replacement titles required under Ecuador’s 2009 Mining Law have been issued for each of Corriente’s mining concessions, and that it believes that all Canadian competition and foreign investment approvals that are required for the completion of the Offer have been obtained. As set out in the press release of the Offeror issued earlier today, the Offeror believes that all regulatory approvals necessary to complete the Offer will be obtained prior to the expiry of the Offer. The Offer, as extended, is scheduled to expire at 5:00 p.m. (Vancouver time) on Wednesday, April 28, 2010. “Ken Shannon” Kenneth R. Shannon Chief Executive Officer Corriente shareholders with procedural questions regarding the deposit of their shares should contact ., the information
agent for the Offeror, at: North America Toll Free: 1-866-374-0472 Outside North America, Bank and Brokers Call Collect: +1 212-806-6859 Email: gsproxygroup@gscorp.com Corriente Contact Darryl Jones, Chief Financial Officer, (604) 687-0449