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Message: CNNC International Announces Extension of Offer for Western Prospector Group Ltd
| May 21, 2009 |
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CNNC International Announces Extension of Offer for Western Prospector Group Ltd.
Bid now scheduled to expire at 5:00 p.m. (Toronto time) on June 29, 2009 |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 21, 2009) - CNNC International Limited ("CNNC") and Western Prospector Group Ltd. ("Western") (TSX VENTURE:WNP) announced today that CNNC's indirect wholly-owned subsidiary, First Development Holdings Corporation (the "Offeror") has extended its offer to acquire all of the outstanding common shares of Western. The notice of extension sent to Western shareholders amends the offer dated April 15, 2009 to extend the expiry date from 5:00 p.m (Toronto time) on May 21, 2009 to 5:00 p.m. (Toronto time) on June 29, 2009. As disclosed in a press release and a material change report filed by Western, dated April 14, 2009 and April 22, 2009, respectively, a notice was received from the Mineral Resources Authority of Mongolia stating that Western's exploration licenses 7685X and 4969X, which are the primary licenses for Western's Gurvanbulag deposit have been suspended for three months due to violations cited by inspectors from Mongolia's Atomic Energy Agency. If Western is not able to satisfy inspectors from Mongolia's Atomic Energy Agency that such violations have been corrected, then Western's licenses 7685X and 4969X may be subject to revocation. The expiry time of the Offer is being extended to 5:00 p.m. (Toronto time) on June 29, 2009 to permit certain conditions relating the business, affairs, properties and operations of Western as set forth in Section 4 of the Offer to be met as well as to permit shareholders who have not yet tendered their shares under the Offer an extended opportunity to do so. As disclosed earlier, the board of directors of Western has unanimously determined that the offer is in the best interests of Western shareholders and has unanimously recommended that its shareholders accept the offer. Further information can be obtained from the information agent, Kingsdale Shareholder Services Inc. at 1.866.581.1024. |
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