TORONTO, June 1 /PRNewswire-FirstCall/ - CRCC-Tongguan
Investment (Canada) Co., Ltd.,
(the "Offeror") and Corriente Resources Inc. ("Corriente") (TSX:
CTQ) (NYSE Amex: ETQ) jointly announce that the Offeror has paid
for the common shares of Corriente that were validly deposited and
not withdrawn from the Offeror's offer to purchase (the "Offer")
all of the issued and outstanding common shares of Corriente at a
price of Cdn.$8.60 in cash per common
share. As previously announced by the Offeror, 76,478,495 common
shares of Corriente, which represent approximately 96.9% of the
common shares of Corriente on a fully-diluted basis, were validly
deposited under the Offer prior to the expiry of the Offer at
5:00 p.m. (Vancouver time) on May
28, 2010.
Upon payment for the common shares of Corriente deposited under
the Offer, all of the directors and officers of Corriente were
succeeded by nominees of the Offeror.
The Offeror intends to acquire all common shares not deposited
under the Offer pursuant to the compulsory acquisition provisions
of the Business Corporations Act (British
Columbia). In addition, Corriente intends to apply to delist
its common shares from the NYSE Amex and the Toronto Stock Exchange
and to cease to be a reporting issuer in Canada and the U.S. in due course.
The Offeror is a wholly-owned direct subsidiary of CRCC-Tongguan
Investment Co., Ltd. which is in turn a jointly-owned direct
subsidiary of Tongling Nonferrous Metals Group Holdings Co., Ltd.
and China Railway Construction Corporation Limited.
THIS NEWS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT
AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY
SECURITIES.
Certain statements contained in this News Release constitute
forward-looking statements within the meaning of the United States
Private Litigation Reform Act of 1995 and applicable Canadian
securities legislation. Forward-looking statements include among
other things, statements regarding the proposed acquisition of all
of the common shares not deposited under the Offer and the
intention to delist the common shares from the stock exchanges.
Forward-looking statements are statements that are not historical
facts and that are subject to a variety of risks and uncertainties,
which could cause actual events or results to differ materially
from those reflected in the forward-looking statements, including,
but not limited to, the risk that the compulsory acquisition
provisions of the Business Corporations Act (British Columbia) may become unavailable.
Although these forward-looking statements are based on the
expectations of management as of the date of this News Release, we
cannot guarantee future results, performance or achievements.
SOURCE CRCC-TONGGUAN INVESTMENT (CANADA) CO., LTD.