EMC's $8M Cash/Royalty Offer for Nyngan Scandium Project Expires

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[{"type":"text","content":"\nEMC's $8M Cash/Royalty Offer for Nyngan Scandium Project Expires\n\nEMC's $8M Cash/Royalty Offer for Nyngan Scandium Project Expires\nReno, Nevada US, November 15, 2012 /FSC/ - EMC Metals Corp. (EMC - TSX), (the \"Company\" or \"EMC\")advises that the Nyngan Project offer made to Jervois Mining Ltd (JRV) on October 30, 2012 for cash plus a royalty on Nyngan scandium production, totalling $8 million in value, has been allowed by JRV to expire.\nThe EMC offer for the Nyngan Project follows a $4 million cash project offer made by Bloom Energy in mid October, reported to the market the following day when it was rejected by JRV as inadequate.  The Bloom Energy offer was subject to EMC and JRV resolving their legal action over the project, and to project due diligence.  \nEMC's open and unsolicited offer to acquire 100% of the Nyngan Scandium Project and settle the outstanding litigation was as follows:\n1. A$1.3M in cash, due and payable within (the latter of) 6 months or satisfaction of the conditions set out below, and\n2. A$45/kg production royalty payable on the first 150,000 kg of scandium oxide produced and sold from the Nyngan project.\nIn its offer EMC pledged to end legal action against JRV, surrender its claim for damages of up to A$100M and pay its own legal costs.  The full value of the offer would therefore flow directly to JRV and its shareholders.  The offer was conditional only on receipt of any approvals required by law, which may have included Jervois shareholder approval and FIRB approval, and also on Jervois retaining and protecting the various exploration licenses and project assets until completion.\nThe offer and EMC press release of October 30, 2012, released in North America, Australia and New Zealand, included valuable information to the shareholders of both JRV and EMC regarding the status of the dispute, the value of the past and current offer, and the size and nature of the legal action facing JRV as a result of improperly terminating the Nyngan Exploration Joint Venture Agreement with EMC.\nJRV failed to acknowledge receipt or to otherwise respond to the EMC offer within the 14 day timeframe specified, but did send a letter through its counsel formally rejecting the offer after it expired.  No public notice of EMC's offer was given by JRV to shareholder...

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