Business
Zara Resources Offer to Purchase up to 19.9% of Visible Gold
Vancouver, British Columbia--(Newsfile Corp. - June 11, 2013) - Zara Resources Inc. (CNSX: ZRI...
About this update from Visible Gold Mines Inc.
[{"type":"text","content":"Zara Resources Offer to Purchase up to 19.9% of Visible GoldVancouver, British Columbia--(Newsfile Corp. - June 11, 2013) - Zara Resources Inc. (CNSX: ZRI) (\"Zara\") is pleased to announce its offer (the \"Offer\") to purchase shares of Visible Gold Mines Inc. (TSXV: VGD) (\"Visible\") at a price of $0.03375 per Visible share. Zara will issue Zara shares to tendering Visible shareholders. The Offer is available only to Visible shareholders who are Accredited Investors. Upon acquiring up to 19.9% of the shares of Visible, Zara will press for board and management changes, calling for a meeting of shareholders, if necessary, to replace the current Visible board with Zara's nominees. InvestmentPitch.com has produced a \"video news alert\" describing this offer by Zara. If this link is not enabled, please visit www.InvestmentPitch.com and enter \"Zara\" in the search box.  If you cannot view the video above, please visit: http://www.investmentpitch.com/video/0_oz0siris/Zara-Resources-CNSX-ZRI-announced-an-offer-to-purchase-up-to-199-of-the-outstanding-shares-of-Visible-GoldThe Offer is to purchase up to 11,369,767 Visible shares representing up to 19.9% of the issued and outstanding shares of Visible. The Offer is at a price of $0.03375 per share to be satisfied by the issuance of Zara shares. Tendering shareholders will receive 0.28125 shares of Zara in exchange for each tendered share of Visible. Based on the most recent trading price of Visible at $0.015 and of Zara at $0.12, the Offer represents a premium of approximately 125%. Danny Wettreich, the CEO of Zara, has advised Zara that he will be accepting the Offer with respect to the 5% of the shares of Visible that he presently owns. The Offer is open to tendering shareholders in Canada who are Accredited Investors, as defined in applicable securities legislation. Full details of the Offer will be included in a letter to shareholders of Visible, along with a Letter of Transmittal. Zara has established a website at www.ZaraVisibleSupportTheNewBoard.com which has full information on the Offer, the proposed new Visible board of directors, and the reasons why shareholders of Visible should support the new board. The Offer will remain open until July 25, 2013 and may be withdrawn or amended by Zara at any time. Tendering Shareholders will not have withdrawal rights and should co...