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09.12.2010
Sacre-Coeur Minerals, Ltd.: Update Regarding Acquisition
Sacre-Coeur Minerals, Ltd.: Update Regarding Acquisition
December 8, 2010
VANCOUVER, B.C. – SACRE-COEUR MINERALS, LTD. (“Sacre-Coeur”) is pleased to provide an update regarding the progress toward consummating the proposed acquisition of Sacre-Coeur by NORD GOLD N.V., formerly named SEVERSTAL GOLD N.V. (the “Purchaser”) and SEVERSTAL GOLD LLC (“Severstal Gold”), affiliates of OAO Severstal (LSE: SVST; RT: CHMF), in accordance with the binding agreement (the “Agreement”) among the parties dated September 21, 2010, as referred to in their joint press release of September 22, 2010 (the “Transaction”). Due diligence is still proceeding, together with the preparation of the required documentation and other steps preparatory to closing the Transaction, which is subject to the successful completion of due diligence, court approval, securityholder approval and satisfaction of customary closing conditions.
Pursuant to a December 8, 2010 amendment to the Agreement executed by the parties, the Purchaser and Severstal Gold have agreed to complete their due diligence review of Sacre-Coeur by January 31, 2011 and the parties have agreed to use their best efforts to complete the Transaction by April 1, 2011, which date may be extended to no later than May 31, 2011 if the parties are prevented from closing the Transaction by reason of any court proceeding or in certain other circumstances.
The Purchaser has represented that the cash consideration payable to securityholders of Sacre-Coeur is in place and accordingly, there is no financing condition to the closing of the Transaction. The Board of Directors of Sacre-Coeur has approved the Transaction. Union Securities Ltd. has furnished a fairness opinion in connection with the Transaction. A further update will be provided at such time as new dates for the special meeting of the securityholders of Sacre-Coeur and closing have been set.
About Sacre-Coeur
The Company is engaged in the acquisition, exploration and development of properties for the potential mining of gold, metals and diamonds in South America, initially focussing on exploration for gold on its properties in Guyana. The Company presently has an interest in approximately 1000 sq. km of mineral properties in Guyana, including the Million Mountain Property. The Company has offices in Vancouver, Canada and Georgetown, Guyana. More information about the Company is available at www.scminerals.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SACRE-COEUR MINERALS, LTD.
“Gregory B. Sparks”
Gregory B. Sparks
President & CEO
For further information, contact:
Gregory B. Sparks, President and CEO
Email: greg@scminerals.com
Phone: 604-899-0100
Fax: 604-899-0200
Scott Young, Corporate Communications – Canada
Email: scott@scminerals.com
Phone: : 705-888-2756
Fax: 604-899-0200
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company’s expectations. There is no guarantee that the tenor or continuity of the resource target discussed herein will ultimately prove to be as delineated in the Company’s sampling program, nor that the yields obtained by production scale gravity extraction will be comparable to the yields produced in the sampling program.
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December 8, 2010
VANCOUVER, B.C. – SACRE-COEUR MINERALS, LTD. (“Sacre-Coeur”) is pleased to provide an update regarding the progress toward consummating the proposed acquisition of Sacre-Coeur by NORD GOLD N.V., formerly named SEVERSTAL GOLD N.V. (the “Purchaser”) and SEVERSTAL GOLD LLC (“Severstal Gold”), affiliates of OAO Severstal (LSE: SVST; RT: CHMF), in accordance with the binding agreement (the “Agreement”) among the parties dated September 21, 2010, as referred to in their joint press release of September 22, 2010 (the “Transaction”). Due diligence is still proceeding, together with the preparation of the required documentation and other steps preparatory to closing the Transaction, which is subject to the successful completion of due diligence, court approval, securityholder approval and satisfaction of customary closing conditions.
Pursuant to a December 8, 2010 amendment to the Agreement executed by the parties, the Purchaser and Severstal Gold have agreed to complete their due diligence review of Sacre-Coeur by January 31, 2011 and the parties have agreed to use their best efforts to complete the Transaction by April 1, 2011, which date may be extended to no later than May 31, 2011 if the parties are prevented from closing the Transaction by reason of any court proceeding or in certain other circumstances.
The Purchaser has represented that the cash consideration payable to securityholders of Sacre-Coeur is in place and accordingly, there is no financing condition to the closing of the Transaction. The Board of Directors of Sacre-Coeur has approved the Transaction. Union Securities Ltd. has furnished a fairness opinion in connection with the Transaction. A further update will be provided at such time as new dates for the special meeting of the securityholders of Sacre-Coeur and closing have been set.
About Sacre-Coeur
The Company is engaged in the acquisition, exploration and development of properties for the potential mining of gold, metals and diamonds in South America, initially focussing on exploration for gold on its properties in Guyana. The Company presently has an interest in approximately 1000 sq. km of mineral properties in Guyana, including the Million Mountain Property. The Company has offices in Vancouver, Canada and Georgetown, Guyana. More information about the Company is available at www.scminerals.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SACRE-COEUR MINERALS, LTD.
“Gregory B. Sparks”
Gregory B. Sparks
President & CEO
For further information, contact:
Gregory B. Sparks, President and CEO
Email: greg@scminerals.com
Phone: 604-899-0100
Fax: 604-899-0200
Scott Young, Corporate Communications – Canada
Email: scott@scminerals.com
Phone: : 705-888-2756
Fax: 604-899-0200
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company’s expectations. There is no guarantee that the tenor or continuity of the resource target discussed herein will ultimately prove to be as delineated in the Company’s sampling program, nor that the yields obtained by production scale gravity extraction will be comparable to the yields produced in the sampling program.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA7861781036">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA7861781036</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.