Business
Rusoro completes acquisition of Gold Field's Venezuelan assets
Trading Symbol: (TSX-V): RML VANCOUVER, Dec. 1 /CNW/ - Rusoro Mining Ltd. ("Rusoro") is pleased t...
About this update from Rusoro Mining Ltd.
[{"type":"text","content":"\n\n\n\nTrading Symbol: (TSX-V): RML\n\n\nVANCOUVER, Dec. 1 /CNW/ - Rusoro Mining Ltd. ("Rusoro") is pleased to\nannounce that it has completed the acquisition of Gold Fields' Venezuelan\nassets, including the producing Choco 10 mine. As announced on October 11,\n2007, this strategic business combination provides Rusoro with immediate gold\nproduction and confirms Rusoro as a focused gold company with an exception\ngrowth profile.\n\n\nPursuant to the terms of the acquisition, all release conditions having\nbeen satisfied and the subscription receipts having been exercised, the net\nproceeds of C$211.5 million plus accrued interest from the private placement\nof subscription receipts have been released from escrow. Pursuant to the\nacquisition, Rusoro issued 140,000,000 shares and paid cash of\nU.S.$180,000,000. Rusoro now has 381,835,106 common shares issued and\noutstanding.\n\n\nRusoro's financial advisor is Endeavour Financial International\nCorporation and its legal advisor is Anfield Sujir Kennedy & Durno.\n\n\nCommenting on the transaction, Andre Agapov, CEO of Rusoro said, "This\ntransaction launches Rusoro into the ranks of producers and we look forward to\napplying our in-country expertise to unlock value from these assets for the\nbenefit of our shareholders and for the people of Venezuela."\n\n\nRusoro President George Salamis stated that, "We are delighted to have\nformally closed this acquisition and we will be looking to fast track\nproduction at our Increible 6 project as we continue to grow our company in\none of the world's most exciting gold districts."\n\n\nON BEHALF OF THE BOARD\n\n\nOF RUSORO MINING LTD.\n\n\n"George Salamis"\n\n\nGeorge Salamis, President\n\n\nCertain statements contained in this news release constitute\nforward-looking statements. Such forward-looking statements involve a number\nof known and unknown risks, uncertainties and other factors which may cause\nthe actual results, performance or achievements of the Company's plans to\ndiffer materially from any future results, performance or achievements\nexpressed or implied by such forward-looking statements. Readers are cautioned\nnot to place undue reliance on these forward-looking statements, which speak\nonly as of the date the statements were made, and readers are advised to\nconsider such forw...