Kinbauri Gold Corp.: Update on Glen Eagle Transaction
04 Junho 2009 - 10:44AM
Marketwired
Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE: KNB)(FRANKFURT:
3KG.DE) announces that it has been informed by Glen Eagle Resources
Inc. ("Glen Eagle") (TSX VENTURE: GER) that due to the court
application commenced in connection with its proposed transaction
with Glen Eagle announced on May 12, 2009, the original funding
arrangements made by Glen Eagle are no longer available. Glen Eagle
and Paradise Peak Holdings have indicated that they remain
committed to closing the transaction with Kinbauri and are in the
process of making new financial arrangements. Glen Eagle has
advised that it will provide confirmation of its new funding
arrangements by the close of business today.
The special committee of independent directors (the "Special
Committee") is evaluating the takeover bid commenced by Orvana
Minerals Corp. and will make a recommendation to the board of
directors. Kinbauri expects to mail its directors' circular
containing its recommendation next week.
In the interim, the Company encourages shareholders not to take
any action with respect to the offer.
THIS PRESS RELEASE WAS PREPARED BY KINBAURI GOLD CORP. THE TSX
VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
This press release contains certain forward-looking statements,
which are based on the opinions and estimates of management at the
date the statements are made, and are subject to a variety of risks
and uncertainties and other factors that could cause actual events
or results to differ materially from those projected. Kinbauri
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on
forward-looking statements.
VISIT:
Kinbauri Gold's Hub at http://www.agoracom.com/IR/kinbauri where
investors can post questions and receive answers or review
questions and answers already posted by other investors. Kinbauri
Web-Site: www.kinbauri-gold.com
Contacts: North America Kinbauri Gold Corp. Dr. Vern Rampton, P.
Eng., President 613-836-2594 613-831-2730 (FAX)
vrampton@kinbauri-gold.com kinbauri@kinbauri-gold.com Europe
INVESTEL Ruediger (Rudy) Hnyk, CEO Investor Relations &
Telecommunications ceo@investel.de
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