Magma Metals Ltd.-Update on Unsolicited Proposed Takeover Offer by Panoramic Resources-Appointment of Advisers
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PERTH, WESTERN AUSTRALIA -- (Marketwire) -- 02/07/12 -- Magma Metals Limited (TSX:MMW)(ASX:MMW) ("Magma" or the "Company") has today confirmed the appointment of advisers in respect of the unsolicited proposed takeover offer for Magma by Panoramic Resources Limited (the "Offer").
Leading independent Australian adviser Gresham Advisory Partners has been appointed Corporate Adviser in relation to the Offer, with Jackson McDonald as Australian Legal Adviser and Cassels Brock & Blackwell as Canadian Legal Adviser.
The Board of Magma has convened a Bid Response Team to assist with the Company's assessment of and response to the Offer.
At this point, the Directors reiterate their previous advice that, subject to their own financial advice and circumstances, shareholders take no action in relation to the Offer and await the further advice of the Board.
ABN 72 114 581 047
Contacts:
Magma Metals Limited
Keith Watkins
Managing Director & CEO
+61 (0)8 9287 7300 (Perth)
keith.watkins@magmametals.com.au
Magma Metals Limited
Greg Taylor
Investor Relations
+1-905-337-7673 (Toronto) or Mob: +1-416-605-5120
gtaylor@magmametals.ca
www.magmametals.com.au
Gresham Advisory Partners
Justin Mannolini / Julian Mills
+61 (0)8 9486 7077 (Perth)
