Acquisition(s)
May 02 2006 - 6:07AM
UK Regulatory
Medoro's Special Committee Recommends Acquisition of Panwest
TORONTO, May 1 /CNW/ - Medoro Resources Ltd. (TSX-V/AIM: MRL) announced
today that a special committee of the board of directors has recommended that
the shareholders vote in favour of the proposed acquisition of the shares of
Panwest Seas Corporation Ltd., as it is fair to the company's shareholders and
is in the best interests of the company. As previously announced, Panwest
holds the rights to the Lo Increible 4A and 4B gold exploration properties
near El Callao, Venezuela.
The recommendation is included in the Management Information Circular for
the company's Annual and Special Meeting to be held on May 19, 2006. The
circular includes a copy of the valuation and fairness opinion prepared by
Haywood Securities Inc. As a result, and subject to the qualifications and
limitations set out in the valuation and fairness opinion, Haywood Securities
concluded that the transaction is fair, from a financial point of view, to
Medoro's shareholders. The valuation and fairness opinion was reviewed and
approved by a special committee consisting of disinterested directors of the
company. The proposed acquisition is subject to regulatory approval and
requires the approval of a majority of Medoro shareholders, excluding shares
held by interested parties.
For more information on the proposed acquisition, including a copy of the
valuation and fairness opinion, please see the Management Information
Circular, which has been filed on SEDAR (www.sedar.com). Medoro Resources is a
gold exploration and development company focused on acquiring properties of
merit for potential joint ventures with senior producers.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
For further information: Peter Volk, Secretary, (416) 603-4653,
pvolk(at)medororesources.com
(MRL)
END
Marlowe (LSE:MRL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Marlowe (LSE:MRL)
Historical Stock Chart
From Jul 2023 to Jul 2024