Business
Zara Announces Three Simultaneous Takover Bids
Toronto, Ontario--(Newsfile Corp. - August 19, 2013) - Zara Resources Inc. (CNSX: ZRI) ("Zara"...
About this update from Altai Resources Inc.
[{"type":"text","content":"\nZara Announces Three Simultaneous Takover BidsOffers to Buy 100% of Visible Gold, Altai Resources, and Greencastle ResourcesToronto, Ontario--(Newsfile Corp. - August 19, 2013) - Zara Resources Inc. (CNSX: ZRI) (\"Zara\") is pleased to announce its all share offer (the \"Offer\") to purchase 100% of the issued share capital of the following companies:Visible Gold Mines Inc. (TSXV: VGD) (\"Visible\") at a price of $0.05 per Visible share to be satisfied by the issuance of 0.4167 shares of Zara in exchange for each tendered share of Visible. Based on the most recent trading price of Zara at $0.12 and of Visible at $0.015 prior to Zara’s recent offer for 19.9% of Visible, that is a premium of 233%.Greencastle Resources Ltd. (TSXV: VGN) (\"Greencastle\") at a price of $0.14 per Greencastle share to be satisfied by the issuance of 1.1667 shares of Zara in exchange for each tendered share of Greencastle. Based on the most recent trading price of Zara at $0.12 and of Greencastle at $0.06 that is a premium of 133%.Altai Resources Inc. (TSXV: ATI) (\"Altai\") at a price of $0.17 per Altai share to be satisfied by the issuance of 1.4167 shares of Zara in exchange for each tendered share of Altai. Based on the most recent trading price of Zara at $0.12 and of Altai at $0.085 that is a premium of 100%.Zara has requested shareholders lists of each of Visible, Greencastle and Altai and will commence the Offer by mailing the Offer and accompanying Take-Over Bid Circular to shareholders as soon as possible.Assuming acceptance of the Offer, Zara will have issued and outstanding shares of 191,275,860 and an approximate market cap of $22,953,000.The enlarged Zara group of companies will have approximately $13,738,000 in net cash and securities after payment of all current liabilities and a resource development portfolio of gold, nickel-copper, and oil and gas, located in Canada in Quebec, Ontario, British Columbia, Alberta and Saskatchewan, and also in Nevada, USA.Danny Wettreich, the CEO of Zara, said \"This is a dramatic and innovative simultaneous offer for three public companies, and is designed to offer the shareholders of these companies the opportunity of participating in the creation of a viable natural resource company led by the dynamic, experienced and innovative management team of Zara. I expect annual savings of approximately...