BURNABY, BC,
June 30, 2014 /CNW/ - Welichem
Biotech Inc. (the "Company") (TSX-V: WBI) has become aware through
the issuance of a news release by LR Resources Co., Ltd. (the
"Offeror") that the Offeror has completed its acquisition of an
aggregate of 53,816,249 common shares (the "Shares") of the Company
that were deposited and tendered pursuant to the takeover bid (the
"Offer") previously announced by the Offeror.
Pursuant to the Offer, the Offeror has acquired
the 53,816,249 Shares of Welichem under the Offer at a price of
$0.15 per Share. Following the
completion of the Offer, the Offeror holds an aggregate of
55,961,924 Shares, which represents approximately 94.1% of the
issued and outstanding common shares of Welichem.
The Offeror has announced its intention to
exercise its right to acquire all of the remaining common shares of
Welichem not tendered under the Offer (the "Compulsory
Acquisition") in accordance with the Business Corporations
Act (British Columbia).
The Company does not have further details at this time with respect
to the Compulsory Acquisition or the Offeror's intentions
generally, but the Company will announce further details as
required with respect to the Offeror's plans for the Company when
they are available. Trading in the Shares on the TSX Venture
Exchange has been halted and the Shares are expected to be
de-listed in due course.
About Welichem Biotech Inc.
Welichem Biotech Inc. is a publicly-traded
biotechnology company developing therapeutic drugs in the fields of
autoimmune diseases and cancer. For a more complete business and
financial profile of the Company, interested parties are encouraged
to visit the Company's website, www.welichem.com.
CAUTIONARY NOTE CONCERNING FORWARD-LOOKING
STATEMENTS
All statements included in this press release
that address activities, events or developments that the Company
expects, believes or anticipates will or may occur in the future
are forward-looking statements. In particular, this document
contains forward-looking information and statements regarding the
Offer and the Special Committee's review of available information
relating to same.
These forward-looking statements involve
numerous assumptions made by the Company based on its experience,
perception of historical trends, current conditions, expected
future developments and other factors it believes are appropriate
in the circumstances. In addition, these statements involve
substantial known and unknown risks and uncertainties that
contribute to the possibility that the predictions, forecasts,
projections and other forward-looking statements will prove
inaccurate, certain of which are beyond the Company's control,
including further actions or announcements of the offeror, changes
in laws and regulations, stock market volatility and obtaining
required approvals of regulatory authorities. Readers should not
place undue reliance on forward-looking statements.
There can be no assurance that
forward-looking statements or information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements.
Accordingly, you should not place undue reliance on the
forward-looking statements or information contained herein.
Except as required by law, we do not expect to update
forward-looking statements and information.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Welichem Biotech Inc.