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GlobeStar Mining Corporation ("GlobeStar") (TSX:GMI - News) today announced that 108,899,358
(or approximately 97.77%) of its common shares on a fully-diluted basis were
validly deposited pursuant to the previously announced offer by Perilya
Canada Limited ("Perilya Canada"), a direct wholly-owned subsidiary
of Perilya Limited, to acquire all of the outstanding common shares of GlobeStar (the "Offer") and that Perilya Canada
has taken up all of such common shares. Perilya Canada has indicated that it
intends to exercise its statutory rights under the compulsory acquisition
provisions of the Canada Business Corporations Act to acquire the remaining
common shares of GlobeStar that were not deposited
pursuant to the Offer. Under the terms of the Offer, shareholders of GlobeStar are entitled to receive Cdn.$1.65
in cash for each common share tendered pursuant to the Offer.
About GlobeStar
GlobeStar Mining Corporation is a Canadian-based
mining and exploration company producing copper, gold and silver at its Cerro
de Maimon mine in the Dominican Republic. GlobeStar is also exploring for copper and gold on its
extensive mineral concessions in the Dominican Republic, and holds
significant interests in the Moblan lithium project
in Quebec, Canada, and the Cumpie Hill lateritic
nickel deposit in the Dominican Republic. GlobeStar
maintains a listing on the Toronto Stock Exchange (symbol: GMI).
Cautionary Statements Concerning
Forward-Looking Statements
This news release contains certain
forward-looking information and forward-looking statements, as defined in
applicable securities laws (collectively referred to as "forward-looking
statements"). Forward-looking statements include, but are not limited
to, possible events and statements with respect to possible events. The words
"plans," "expects," "is expected,"
"scheduled," "estimates," or "believes," or
similar words or variations of such words and phrases or statements that
certain actions, events or results "may," "could,"
"would," "might," or "will be taken,"
"occur," and similar expressions identify forward-looking
statements.
Forward-looking statements are
necessarily based upon a number of estimates and assumptions that, while
considered reasonable to GlobeStar as of the date
of such statements, are inherently subject to significant risks and
uncertainties and may not be appropriate for use other than as used herein.
These estimates and assumptions include, but are not limited to: (a) the
ability of the Cerro de Maimon mine's sulphide and oxide plants to operate at their design
capacities and having the facilities to meet water treatment or storage
requirements and their impact on production; (b) certain assumptions relating
to the market price for its products and metal grades; (c) there being no
significant disruptions affecting operations at the Cerro de Maimon mine; (d) production of copper and other metals at
the Cerro de Maimon mine being consistent with GlobeStar's current expectations; (e) the continued
operation of the Cerro de Maimon mine; and (f) the
ability of GlobeStar to successfully continue its
exploration and other activities. Because of these risks and uncertainties
and, as a result of a variety of factors, the actual results, expectations,
achievements or performance may differ materially from those anticipated,
implied or indicated by these forward-looking statements. Although GlobeStar believes that the expectations reflected in its
forward-looking statements are reasonable, we can give no assurances that the
expectations of any forward-looking statements will prove to be correct. All
of the forward-looking statements made in this news release are qualified by
these cautionary statements and those made in the "Risk Factors"
section of GlobeStar's most recently filed Annual
Information Form and GlobeStar's other filings with
the securities regulators of Canada. These factors are not intended to
represent a complete list of the factors that could affect GlobeStar. GlobeStar disclaims
any intention, and assumes no obligation, to update or revise any
forward-looking statements to reflect actual results, whether as a result of
new information, future events, changes in assumptions, changes in factors
affecting such forward-looking statements or otherwise, or to explain any
material difference between actual events and such forward-looking
statements, except as required pursuant to applicable securities laws.
Contact:
David Brace
GlobeStar Mining Corporation
Chief Executive Officer
(416) 640-4915
dbrace@globestarmining.com |
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