Euro Sun Amends Its Portion of Proposal to Acquire Nevsun to 50% Cash and 50% Stock
June 04 2018 - 9:15AM
Euro Sun Mining Inc. (TSX:ESM) (“Euro Sun” or the
“Company”) reports that the Company has amended its portion of the
joint proposal with Lundin Mining (TSX:LUN) to acquire Nevsun
Resources (TSX:NSU) to include
CDN$150 million in cash
and CDN$150 million in ESM stock. The
Company encourages Nevsun’s management and Board of Directors to
engage as it is in the best interests of all stakeholders. The
total proposed consideration of CDN$5.00 per share for the
acquisition of all Nevsun stock includes CDN$150M cash from Euro
Sun and CDN$600M cash from Lundin Mining along with CDN$150M in
Euro Sun stock and CDN$600M in Lundin Mining stock. Euro Sun’s
stock portion only represents 10% of the total consideration in
this proposal.
Since making the proposal public on May 7th,
2018 numerous meetings have been held with shareholders of Nevsun,
both in person and via teleconference. To date shareholders
representing over 30% of Nevsun shares outstanding
have expressed support for the Euro Sun led offer and encourage all
parties to actively engage in a friendly transaction.
G. Scott Moore, President and CEO of Euro Sun
stated: “We are ready and willing to engage with Nevsun in friendly
and meaningful discussions to conclude a transaction in the best
interests of all stakeholders. We have extensive operational
experience across Africa and look forward to meaningful investment
into Eritrea and the Bisha mine allowing it to meet its full
potential.”
The Rovina Valley Project is one of the largest
mineral deposits on the Western Tethyan mineral belt and consists
of three porphyry deposits: Colnic and Rovina, and Ciresta, The
project hosts measured and indicated mineral resources of 7.2
million ounces of gold and 1.4 billion pounds of copper in 406
million tonnes at 0.55 gold grams per tonne and 0.16% of contained
copper.
Euro Sun is the first mining company to be
granted an exploitation license without a state partner.
Ratification of the mining license is expected to be completed with
signatures from the required ministries shortly and this
ratification will demonstrate a clear mandate for mining by the
Romanian Government.
Qualified Person
The scientific and technical information
presented in this press release has been reviewed and approved by
Randall Ruff, Vice President Exploration for Euro Sun, who is a
Qualified Persons as defined by National Instrument 43-101.
About Euro Sun Mining Inc.
Euro Sun is a Toronto Stock Exchange listed
mining company focused on the exploration and development of its
100%-owned Rovina Valley gold and copper project located in
west-central Romania, which hosts the second largest gold deposit
in Europe.
Further information:
Investor Relations at info@eurosunmining.com or
+1 416.309.4299.
Caution regarding forward-looking
information: This press release contains
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information is
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of the Company to be materially different from
those expressed or implied by such forward-looking information,
including risks inherent in the mining industry and risks described
in the public disclosure of the Company which is available under
the profile of the Company on SEDAR at www.sedar.com and
on the Company's website at www.eurosunmining.com. Although
the Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
The TSX does not accept responsibility for the
adequacy or accuracy of this news release.
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