Orvana Announces Expiry of Bid and Additional Take Up of Kinbauri Sharesadmin
Monday, August 31st 2009
Orvana Minerals Corp., a well-established mine operator with an experienced management team that has collectively brought a number of underground mines into production announced that, prior to the expiry of its offer to purchase all of the outstanding common shares of Kinbauri at 11:59 p.m. (Vancouver time) on August 28, 2009, an additional 19,227,637 shares were validly tendered to the offer. Orvana has taken up the additional shares tendered, bringing the total number of shares acquired by Orvana pursuant to its offer to 61,733,445. Based on the number of Kinbauri common shares outstanding on August 28, 2009, as reported by Kinbauri’s transfer agent, in the aggregate, the shares taken up by Orvana represent approximately 94.9% of Kinbauri’s issued and outstanding common shares.
“We are very pleased that Kinbauri’s shareholders have chosen overwhelmingly to support Orvana’s offer,” said Kent Jespersen, the Chairman of Orvana’s board of directors.
In connection with Orvana’s acquisition of Kinbauri common shares, Kinbauri’s former directors have resigned and have been replaced by individuals who are directors or officers of Orvana. Kinbauri’s board of directors is now comprised of Peter Bradshaw, Richard Garnett, Kent Jespersen, Malcolm King and Robert Mitchell.
Kinbauri is proceeding with its previously announced shareholders’ meeting on September 22, 2009. At this meeting, Kinbauri shareholders will be asked to approve the amalgamation of Kinbauri and Orvana Minerals Acquisition Corp. The corporation resulting from the proposed amalgamation will be a wholly-owned subsidiary of Orvana Minerals Corp. As a result of the amalgamation, Kinbauri shareholders other than Orvana Minerals Acquisition Corp. and any shareholders who exercise statutory dissent rights will be entitled to receive $0.75 for each Kinbauri common share held by them. Orvana intends to vote in favour of the proposed amalgamation. It is anticipated that the corporation resulting from the amalgamation will take steps to delist its shares from trading on the TSX Venture Exchange and to cease to be a reporting issuer under applicable securities laws.