PMI
"It is expected that payment for Primary Shares taken up will be made on or before October 9, 2007."
Primary Metals Inc. ("Primary") (TSX VENTURE:PMI) announces that 13,446,000 common shares of Primary (the "Primary Shares") have been validly deposited pursuant to the offer (the "Offer") made by Sojitz Tungsten Resources, Inc., a wholly-owned subsidiary of Sojitz Corporation ("Sojitz") to acquire all of the Primary Shares. Sojitz has announced that, as all conditions of the Offer have been satisfied, it will take up and accept for payment all Primary Shares so deposited, which, together with the Primary Shares already owned by Sojitz, represent approximately 95.34% of the outstanding Primary Shares on a fully-diluted basis. It is expected that payment for Primary Shares taken up will be made on or before October 9, 2007.
Under the Offer, Primary shareholders will receive C$3.65 in cash per Primary Share. In aggregate, Sojitz will pay approximately C$49 million as consideration for Primary Shares tendered to date.
The Offer expired at 5:00 p.m. (Eastern time) on October 2, 2007 and will not be extended. Sojitz has announced that it intends to acquire all Primary Shares not tendered to the Offer by way of a compulsory acquisition pursuant to the British Colombia Business Corporations Act and will shortly mail a notice of compulsory acquisition to acquire all Primary Shares not acquired pursuant to the Offer.
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