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GREAT WESTERN MINERALS GROUP DELIVERS NOTICE OF INTENTTO OFFER TO PURCHASE REMAINING RARECO SHARES
GREAT WESTERN MINERALS GROUP DELIVERS NOTICE OF INTENTTO OFFER TO PURCHASE REMAINING RARECO SHARES.
About this update from Great Western Minerals Group Ltd
[{"type":"text","content":"GREAT WESTERN MINERALS GROUP LTD. NEWS RELEASE TSX Venture Symbol: GWG CUSIP: 39141Y 10 3OTCQX: GWMGF GREAT WESTERN MINERALS GROUP DELIVERS NOTICE OF INTENT TO OFFER TO PURCHASE REMAINING RARECO SHARES November 22, 2010 - Saskatoon, Canada: Great Western Minerals Group Ltd. (“GWMG” or the “Company”, TSX:V - GWG) announces that it has delivered a notice (the “Notice”) to the board of directors of Rare Earth Extraction Co. Ltd. (“Rareco”) confirming its intention to make an all-cash offer (the “Offer”) to the registered shareholders of Rareco to purchase up to all of the 37,764,700 Rareco shares not already held by GWMG at a price of 3 South African Rand per Rareco share. Pursuant to the laws of South Africa, delivery of the Notice requires GWMG to deliver a formal offer document to the Rareco shareholders in the prescribed form within 30 days (the “Offer Circular”). The closing of the transactions contemplated by the Offer will be subject to customary terms and conditions including:· Receipt by GWMG of all applicable approvals related to securities, corporate, tax, and competition/antitrust issues and all other regulatory approvals; and· Receipt by GWMG of final acceptance of the TSX Venture Exchange. The foregoing is a summary of the proposed terms of the Offer and is subject in its entirety to the terms and conditions to be set forth in the Offer Circular. Readers are cautioned to refer to the Offer Circular for the full terms and conditions of the Offer, which will be made available on SEDAR at www.sedar.com when the Offer Circular is mailed to the Rareco shareholders. “The offer to purchase the remaining outstanding Rareco shares is an extremely important event in the execution ...