Farallon Announce Compulsory Acquisition Commences
14.01.2011 | CNW
EXPECTED TO CLOSE MARCH 14, 2011VANCOUVER, Jan. 14 /CNW/ - Farallon Mining Ltd. ("Farallon" or the "Company") (TSX:FAN) today announced that on January 13, 2011, Nyrstar Canada (Holdings) Ltd. ("Nyrstar Canada"), an indirect, wholly-owned subsidiary of Nyrstar NV ("Nyrstar"), delivered a compulsory acquisition notice to the remaining shareholders of Farallon.
On January 5, 2011, Nyrstar Canada acquired 462,400,996 common shares of Farallon (representing approximately 93.7% of Farallon's common shares ("Shares") on a fully-diluted basis) pursuant to its offer to acquire all of the outstanding Shares (the "Offer"). Nyrstar Canada is undertaking the compulsory acquisition (the "Compulsory Acquisition") pursuant to its statutory rights under the compulsory acquisition provisions of the Business Corporations Act (British Columbia) to acquire the remaining Shares that were not deposited under the Offer. Under the terms of the Compulsory Acquisition, the remaining Farallon shareholders are offered the same C$0.80 in cash for each Share as provided under the Offer. The Compulsory Acquisition is expected to close March 14, 2011.
About Farallon
Farallon operates the G-9 zinc mine on its Campo Morado Property in Guerrero State, Mexico. G-9 is an underground zinc mine with important by-product credits of copper, gold, and silver. G-9 has total cash costs amongst the lowest of zinc producers worldwide.
About Nyrstar
The partner of choice in essential resources for the development of a changing world. Nyrstar is a leading global multi-metals business, producing significant quantities of zinc and lead as well as other products (including silver, gold and copper). Nyrstar is listed on NYSE Euronext Brussels under the symbol NYR. For further information visit the Nyrstar website, www.nyrstar.com
ON BEHALF OF THE BOARD OF DIRECTORS
Roland Junck
President
Forward Looking Information
This news release includes certain statements that may be deemed forward-looking statements. Shareholders who have not tendered to the Nyrstar offer will wish to consult with their professional advisors.
For further information:
please visit the Company's website at www.farallonmining.com or contact Neil MacRae, Investor Relations Manager, at (604) 638-2160 or within North America at 1-877-688-2050