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GREAT WESTERN MINERALS GROUP DELIVERS OFFER TO PURCHASE ALL RARECO SHARES; RARECO BOARD RECOMMENDS ACCEPTANCE
GREAT WESTERN MINERALS GROUP DELIVERS OFFER TO PURCHASE ALL RARECO SHARES; RARECO BOARD RECOMMENDS ACCEPTANCE.
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 OFFER TO PURCHASE ALL RARECO SHARES; RARECO BOARD RECOMMENDS ACCEPTANCE December 15, 2010 - Saskatoon, Canada: Great Western Minerals Group Ltd. (“GWMG” or the “Company”, TSX: V – GWG) announces that Rare Earth Extraction Co. Limited (“Rareco”) has acknowledged receipt of GWMG’s notice of intention to make an offer (the “Offer”) to purchase all of the 37,764,700 issued ordinary shares in Rareco (the “Rareco Shares”) that GWMG does not already own. The board of directors of Rareco has recommended that Rareco shareholders accept the Offer. Having considered the opinion of its independent external advisor, the terms of the Offer and all other relevant information, the Rareco board of directors has advised its shareholders that it has concluded that the terms and conditions of the Offer are fair and reasonable to the shareholders of Rareco. GWMG’s legal representative in South Africa, Edward Nathan Sonnenbergs (“ENS”), has confirmed to Rareco and to the Securities Regulation Panel in South Africa that it holds, on behalf of GWMG, sufficient funds to pay for all of the Rareco Shares tendered for sale. Pursuant to the laws of South Africa, GWMG intends to deliver a formal offer document (the “Offer Circular”) to the Rareco shareholders in the prescribed form by December 21, 2010. GWMG anticipates that the Offer will remain open from December 22, 2010 to February 28, 2011. Currently, GWMG has received all required South African regulatory approvals and the preliminary acceptance of the TSXV to make the Offer. The closing of the transactions contemplated by the Offer Circular will be subject to the terms and conditions set out in the Offer Circular. &n...