Mineralogy to take up additional Waratah sharesadmin
Mineralogy Pty Ltd. announced that Mineralogy, through its wholly-owned subsidiary Mineralogy Canada Acquisition Corp., will take up an additional 1,294,661 common shares of Waratah Coal Inc. , representing roughly 2.1% of the issued and outstanding Shares, under its offer to acquire all of the Shares of Waratah for $1.60 per Share. Together with Shares previously purchased, Mineralogy and its affiliates will now own approximately 56,923,017 Shares, representing roughly 92.8% of the issued and outstanding Shares.
It was also announced that the Offer expired at 5:00 p.m. (Vancouver time) on January 5, 2009. In total, approximately 46,168,517 Shares were validly deposited to the Offer and all of those Shares have been or will be taken up by MCAC. The Shares taken up under the Offer will represent roughly 91.3% of the issued and outstanding Shares not owned by MCAC or its affiliates prior to the launch of the Offer.
Since MCAC will have acquired more than 90% of the Shares under the Offer, excluding those Shares already owned by MCAC or its affiliates prior to the launch of the Offer, MCAC intends to proceed with the compulsory acquisition of the remaining Shares for the same $1.60 per Share consideration, as provided for in the Business Corporations Act (British Columbia). A notice of compulsory acquisition will be mailed to each of Waratah’s remaining shareholders shortly and will be available on www.sedar.com.