Business
Shareholder approval for acqu
Shareholder approval for acqu.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n RNS Number : 1416S Hochschild Mining PLC 13 May 2009 \n \n \n\n\n\n________________________________________________________________________\n\n13 May 2009\n\nHochschild acquisition of Southwestern Resources approved by Southwestern shareholders\n\n\nHochschild Mining plc ('Hochschild') is pleased to announce that its offer to acquire all the outstanding shares of Southwestern Resources Corp ('Southwestern') for a total cash consideration of C$22.5 million (US$17.5 million) has been approved by Southwestern's shareholders. In addition, on 11 May 2009, the Supreme Court of British Columbia granted an order approving the arrangement under the Business Corporations Act (British Columbia) as being fair to Southwestern and its shareholders. Final close of the transaction is expected on or around 20 May 2009.\n\nThis is a strategic acquisition for Hochschild: \n\n\n\nConsolidation of Hochschild's position in one of its key operational clusters - Southwestern is a Canadian listed mineral exploration company with a number of gold, silver and base metals projects in southern Peru\n\n\nEnables the Group to leverage its existing infrastructure and knowledge of the regional geology (see map and description of projects in notes to editors)\n\n\nThe acquisition gives Hochschild 100% ownership of the Liam property. Hochschild originally acquired a 50% interest in August 2008. The property comprises a 282,000 hectare land package and is in close proximity to Hochschild's four existing operations; Arcata, Ares, Selene and Pallancata\n\n\nTo date, 38 exploration projects have been identified at Liam. Under the original Liam JV, Hochschild could earn an additional 20% of any individual precious metal project by producing a positive feasibility study and financing the costs to production. With 100% of Liam, Hochschild achieves full upside potential at the property\n\n\nAcquisition increases Hochschild's stake in the Pacapausa property to 80% (previously 30%). Pacapausa comprises 7,933 hectares of exploration concessions and&nbs...