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Inter-Citic Closes Plan of Arrangement
Published : November 19, 2012
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Keywords :   Canada | China | Gold |

Inter-Citic Closes Plan of Arrangement

TORONTO, Nov. 19, 2012 /CNW/ - Inter-Citic Minerals Inc. ("Inter-Citic" or the "Company") (TSX: ICI; OCTQX: ICMTF) is pleased to announce the successful completion of the previously announced plan of arrangement under the Canada Business Corporations Act (the "Arrangement") pursuant to which Qing Hai Mining Acquisition Corp., an indirect wholly-owned Canadian subsidiary of Western Mining Group Co., Ltd., acquired all of the issued and outstanding common shares of Inter-Citic for C$2.05 per share in cash.

With the completion of the Arrangement, the common shares of Inter-Citic are expected to be delisted from the Toronto Stock Exchange in the next few business days. The Company intends to apply to the relevant securities regulatory authorities to cease to be a reporting issuer in each of the jurisdictions in Canada in which it is currently a reporting issuer.

Registered shareholders of Inter-Citic are reminded that in order to receive the consideration under the Arrangement, they must complete, sign, date and return the letter of transmittal prepared in connection with the Arrangement to the depositary, Computershare Investor Services Inc., in accordance with the instructions specified in the letter of transmittal and management information circular of Inter-Citic, dated October 3, 2012 (the "Circular") in connection with the special meeting of Inter-Citic shareholders called to consider the Arrangement. Beneficial shareholders are advised to contact their bank, trust company, securities broker, trustee or other nominee or intermediary to determine how to receive the consideration.

Details of the transaction were contained in the Circular, which can be found at www.sedar.com.

About Inter-Citic

Toronto-based Inter-Citic Minerals Inc. is an exploration and development company advancing its Dachang Gold Project in the People's Republic of China. Inter-Citic is listed on the TSX under the symbol ICI. Inter-Citic's website is www.inter-citic.com.

About Western Mining

Western Mining Group Co., Ltd. is an integrated resources development company based in Qinghai Province, People's Republic of China.  It has total assets of approximately C$5.5 billion and is involved in geological exploration, mining, processing, smelting, scientific research and development, trade, investment and financing.  There are approximately 40 companies within the Western Mining Group, including Western Mining Co., Ltd, which is listed on the Shanghai Stock Exchange.

Investors are encouraged to review "Risk Factors" associated with the Arrangement as outlined in the management proxy circular of the Company dated October 3, 2012 and "Risk Factors" set out in the Company's 2011 Financial Statements and Annual Information Form, along with updates, all available on the SEDAR website at www.sedar.com. The statements herein that are not historical facts are forward-looking statements including those identified by the expressions "expect", "intend" and similar expressions. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected.  Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not assume the obligation to update any forward-looking statement. The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.


SOURCE: Inter-Citic Minerals Inc.

For further information:

Anne Mitchell
Inter-Citic Minerals Inc.


(905) 479-5072 x 226
anne@inter-citic.com

Companies Mentionned : Aura Minerals | Reliance | Total |
Data and Statistics for these countries : Canada | China | All
Gold and Silver Prices for these countries : Canada | China | All

Inter-citic Minerals Inc

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CODE : ICI.TO
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Inter-citic Min. is an exploration gold company based in Canada.

Inter-citic Min. holds various exploration projects in China.

Its main asset in development is DACHANG in China.

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Financings of Inter-citic Minerals Inc
10/12/2011Extends Term of Warrants
3/23/2006closes $11 million private placement financing
Nominations of Inter-citic Minerals Inc
11/22/2010Appoints Vice-Chairman of Zijin Mining Group to Board of Dir...
Project news of Inter-citic Minerals Inc
3/27/2012(Dachang)Reports Trench Results From 2011 Exploration Program at Dach...
2/28/2012(Dachang)Exploration Licenses Renewed at Inter-Citic's Dachang Gold P...
12/12/2011(Dachang)Reports Drill Results From New Gold Discoveries at Dachang
11/29/2011(Dachang)Permitting Progress at Inter-Citic's Dachang Gold Project
10/3/2011(Dachang)Announces Two New Mineralized Zones Discovered at Its Dachan...
8/8/2011(Dachang)$6.3 Million Exploration Program at Inter-Citic's Dachang Go...
3/22/2011(Dachang)Engages Company For Feasibility Study
1/18/2011(Dachang)Reports Drill Results From New Exploration Areas. All 41 New...
1/17/2011(Dachang)Exploration Licenses Renewed At Inter-Citic's Dachang Gold P...
11/23/2010(Dachang)Intersects Gold In Five New Exploration Areas. All 46 New Ho...
10/28/2010(Dachang)Releases Early Drill Hole Results From Dachang Gold Project
9/15/2010(Dachang)Issues Exploration Progress Update for Its Dachang Gold Proj...
7/27/2010(Dachang)CORRECTION FROM SOURCE: Inter-Citic Releases Drill Hole Resu...
7/19/2010(Dachang)Reports Updated NI 43-101 Compliant Mineral Resource Estimat...
7/8/2010(Dachang)25,000 Metre Drill Program Underway at Inter-Citic's Dachang...
4/22/2010(Dachang)Releases Drill Hole Results from Dachang Gold Project
11/5/2006(Dachang)Receives results from 10 new drill holes
Corporate news of Inter-citic Minerals Inc
11/19/2012Closes Plan of Arrangement
11/13/2012Announces PRC Approvals Related to Plan of Arrangement Have ...
10/29/2012Obtains Shareholder Approval for Arrangement
8/27/2012to be Acquired by Western Mining Group Co., Ltd. for C$2.05 ...
7/9/2012Responds to Trading Activity
6/19/2012(Dachang)Reports Updated NI 43-101 Compliant Mineral Resource Estimat...
2/14/2012(Dachang)Reports Drill Results from 2011 Exploration Program at Dacha...
2/6/2012(Dachang)Reports New Drill Results From 2011 Exploration Program at D...
1/10/2012(Dachang)Reports Drill Results from 2011 Exploration Program at Dacha...
12/5/2011(Dachang)First Drill Results From Inter-Citic's 2011 Exploration Prog...
3/29/2011Shares Commence Trading on the U.S. OTCQX
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