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Wolfden Resources Inc

Publié le 19 mars 2007

WOLFDEN RESOURCES INC. AND ZINIFEX LIMITED ENTER INTO SUPPORT AGREEMENT; ZINIFEX TO OFFER $3.81 PER

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  Monday, March 19, 2007
  WOLFDEN RESOURCES INC. AND ZINIFEX LIMITED ENTER INTO SUPPORT AGREEMENT; ZINIFEX TO OFFER $3.81 PER SHARE



 
Shares Issued: 88,732,878
 
Wolfden Resources Inc. (TSX:WLF) announced today that it and Zinifex Limited (“Zinifex”) have entered into a support agreement (the “Support Agreement”) in respect of Zinifex’s intention to make an offer for all of the outstanding common shares of Wolfden at a cash price of $3.81 per share, including shares issued or issuable upon the exercise of Wolfden warrants and stock options (the “Offer”). Under the Support Agreement, a wholly-owned subsidiary of Zinifex (Zinifex Canadian Enterprises Inc., “ZCE”) will, subject to certain conditions, make the Offer pursuant to a take-over bid circular to be mailed to Wolfden’s shareholders on or before April 2, 2007.
 
The Board of Directors of Wolfden, upon a recommendation of the special committee of the Board of Directors, has unanimously determined that the Offer is fair to Wolfden’s shareholders (other than Zinifex and ZCE), that the Offer is in the best interests of Wolfden and the Shareholders, and accordingly, the Board of Directors has approved the entering into of the Support Agreement and recommends that Wolfden’s shareholders (other than Zinifex and ZCE) accept the Offer.  The special committee and the Board of Directors have received the verbal opinion of BMO Capital Markets that the consideration to be provided under the Offer is fair from a financial point of view to such shareholders.  Each member of the Board of Directors and each of Wolfden’s senior officers has entered into a lock-up agreement in respect of the Offer.
 
The Offer will be open for acceptance for a period of not less than 36 days and will be conditional upon, among other things, more than 66% of the outstanding common shares of Wolfden (calculated on a fully-diluted basis) being validly deposited under the Offer and not withdrawn.  As described in Wolfden’s press release dated February 19, 2007 in respect of the non-binding and conditional letter of interest that Wolfden had received from Zinifex, the Offer will also be subject to, among others, the condition that Ewan S. Downie, President and Chief Executive Officer, Steven J. Filipovic, Vice President Finance, and John Begeman, Chief Operating Officer entering into employment agreements with Zinifex.  In addition, the Offer will be subject to certain other customary conditions, including the absence of any material adverse change, the obtaining of any relevant regulatory approvals and the absence of any adverse litigation, proceeding or legal prohibition in respect of the Offer.
 
The Support Agreement provides, subject to its terms, that the Board of Directors of Wolfden will issue a directors’ circular, to be provided with Zinifex’s take-over bid circular, which will contain the above recommendation to shareholders, together with a copy of the written fairness opinion prepared by BMO Capital Markets.  The Support Agreement terms and conditions also provide for, among other things, a break fee provision in the amount of $11 million and the requirement that Wolfden not solicit competing offers and notify Zinifex of the receipt of any alternative proposals from third parties, together with a right of Zinifex to match any such proposal.
 
Inmet Mining Corporation and Goldcorp Inc. have also entered into lock-up agreements to tender, subject to the terms of such agreements, 13,500,000 and 6,000,000 common shares to the Offer, respectively.  Together with the shares held by or issuable to the directors and senior offices of Wolfden, Zinifex has lock-up agreements in respect of approximately 27% of the shares of Wolfden (on a fully-diluted basis).
 
Wolfden is a Canadian-based mineral exploration and development company with a diversified portfolio of advanced stage properties and several ongoing exploration programs in Canada.
 
This release does not constitute an offer to purchase or a solicitation of an offer to sell securities. Shareholders should carefully review the take-over bid circular and the directors’ circular when available because they will contain important information, including full details of the Offer and its terms and conditions.
 
For further information, please contact:
Ewan Downie, President & CEO           Phone: 807-346-1668                 Fax: 807-345-0284
e-mail: Info@wolfdenresources.com                  Web Site:  www.wolfdenresources.com
Some of the statements contained in this press release are forward-looking statements. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Wolfden's control, and may include statements regarding resource estimates, potential mineralization, exploration results, completion of work programs and studies, and future plans and objectives. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production. There can be no assurance that such statements will prove to be accurate and actual results could differ materially from those suggested by any forward-looking statements.
 

Wolfden Resources Inc

CODE : WLF.V
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Wolfden Res. est une société d’exploration minière basée au Canada.

Wolfden Res. est productrice d'or au Canada, et détient divers projets d'exploration au Canada et en Afrique Du Sud.

Son principal projet en production est LUPIN MINE au Canada et ses principaux projets en exploration sont RAPSON BAY, FOLLANSBEE et SAPAWE au Canada.

Wolfden Res. est cotée au Canada. Sa capitalisation boursière aujourd'hui est 308,2 millions CA$ (330,1 millions US$, 245,9 millions €).

La valeur de son action a atteint son plus haut niveau récent le 18 juin 2007 à 3,80 CA$, et son plus bas niveau récent le 09 décembre 2016 à 0,08 CA$.

Wolfden Res. possède 81 100 000 actions en circulation.

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Communiqués de Presse de Wolfden Resources Inc
05/06/2007HIGH LAKE RECEIVES PART 5 REVIEW STATUS
17/05/2007Commencement Of Compulsory Acquisition By Zinifex
11/05/2007CHANGES TO BOARD AND MANAGEMENT AND CANCELLATION OF SHAREHOL...
09/05/2007ZINIFEX LIMITED ACQUIRES 95% OF WOLFDEN RESOURCES INC.
19/03/2007WOLFDEN RESOURCES INC. AND ZINIFEX LIMITED ENTER INTO SUPPOR...
21/02/2007 Receives positive recommendation from the Nanavut Impact Re...
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