Business
Proposed Acquisition
Proposed Acquisition.
About this update from Griffin Mining Limited
[{"type":"text","content":"\n Griffin Mining Ld\n22 April 2008\n\n GRIFFIN MINING LIMITED\n\n 60 St James's Street, London SW1A 1LE, United Kingdom\n\n Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773\n\n E mail: [email protected]\n\n\n\n 22nd April 2008\n\n\n\n PROPOSED ACQUISITION OF YUKON ZINC CORPORATION\n\n\n\nGriffin Mining Limited ('Griffin' or 'the Company'), is pleased to announce that\nit has signed an agreement ('the Agreement') with Yukon Zinc Corporation ('Yukon\nZinc') for the acquisition of all the issued common stock of Yukon Zinc. Yukon\nZinc Corporation is listed on the TSX Venture Exchange (YZC.TSX-V).\n\n\n\n\n\nSUMMARY\n\n\n\nGriffin will have the following attributes after completion of the transaction:\n\n\n\n • A strong balance sheet with over $200 million in cash and no debt;\n • A 60% interest in the low-cost Caijiaying zinc-gold-silver-lead mine in\n Hebei Province in the People's Republic of China;\n • A 100% interest in the high grade advanced zinc-silver-copper-gold-lead\n Wolverine Project located in Yukon Canada;\n • Upon the Wolverine Project achieving full production status, projected\n annual zinc production in concentrates from Caijiaying and Wolverine is\n expected to be in excess of 150 million pounds and annual payable silver\n production in excess of 4.5 million ounces. There will also be significant\n quantities of copper, gold and lead produced; and\n • Exciting exploration and development potential surrounding the Caijiaying\n mine in China and in the Finlayson District of the Yukon plus other earlier\n stage exploration properties.\n\n\n\n\n\nTRANSACTION\n\n\n\nThe Agreement provides for a plan of arrangement pursuant to section 288(1) of\nthe British Columbia Business Corporations Act, in which the Yukon Zinc\nshareholders will exchange their Yukon Zinc shares for ordinary shares of\nGriffin, on the basis of one Griffin share for each nine Yukon Zinc shares held,\nafter which Yukon Zinc will be a wholly owned subsidiary of Griffin.\n\n\n\nThe plan of arrangement will be submitted to the Yukon Zinc shareholders for\nconsideration at a special general meeting at which the approval of two thirds\nof those shareholders attending and voting will be required in order to proceed\nwith an interim order of the Supreme Court of British Columbia for the exchange\nto be effected.\n\n\n\nThe...