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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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From: loantech11/26/2007 8:41:43 AM
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Mr. Stephen Quin of Sherwood Copper reports

SHERWOOD ANNOUNCES AGREEMENT FOR ACQUISITION OF WESTERN KELTIC MINES

Sherwood Copper Corp. has entered into an agreement with Western Keltic Mines Inc. under which Sherwood has agreed to make an offer to acquire all the shares of Western Keltic through the issuance of 0.08 of a share of Sherwood for each share of Western Keltic. Based on the Nov. 23, 2007, closing price for the Sherwood shares, this equates to an approximate price of 47 cents per Western Keltic share. The consideration under the offer represents a premium of 53 per cent over Western Keltic's closing price on Nov. 23, 2007. Based on 79,830,855 Western Keltic shares outstanding, this offer equates to approximately $37-million for all of the issued and outstanding shares of Western Keltic. Western Keltic's board, along with its largest registered shareholder (representing an aggregate of 26.8 million shares of Western Keltic that are issued or issuable upon the exercise of options and warrants) have entered into or have agreed to enter into lock-up and support agreements in respect of the transaction. Western Keltic's board has unanimously approved the terms of the agreement and recommend the shareholders of Western Keltic tender into Sherwood's offer when mailed.
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