Marathon Takes Up Discovery Shares to Increase Holdings to Approximately 93.58%
Mon Jun 2, 5:52 PM
ca.news.finance.yahoo.com
TORONTO, June 2 /CNW/ - Marathon PGM Corporation ("Marathon" or "the Company") today confirmed its May 28, 2008 announcement that an additional 1,630,067 common shares of Discovery PGM Exploration Ltd., (PTD: TSX-V)("Discovery") were validly deposited to the offer of Marathon (the "Offer") and that Marathon has taken up and accepted for payment all of such shares tendered and intends to issue Marathon common shares in payment for the tendered Discovery common shares today, June 2, 2008.
Early Warning Requirements under Applicable Securities Laws
As a result of the taking up and acceptance of payment of the additional Discovery Shares, Marathon has now acquired pursuant to the Offer an aggregate of 28,417,111 common shares of Discovery, which represents approximately 93.58% of the common shares of Discovery on a fully-diluted basis, and 94.20% of the outstanding common shares of Discovery. There are warrants to purchase 300,000 Discovery common shares that have not been exercised.
Marathon intends to exercise its statutory right of compulsory acquisition under the Business Corporations Act (British Columbia) to acquire the remaining Discovery shares that were not deposited to the Offer. A notice of compulsory acquisition will be mailed to all dissenting shareholders of Discovery and filed on Discovery's SEDAR profile at www.sedar.com on or before June 27, 2008.
This press release shall not constitute an offer to purchase or a solicitation of an offer to sell securities in any jurisdiction. A copy of the early warning report filed pursuant to the applicable securities legislation is available online at www.sedar.com under Discovery's profile or may be obtained by contacting Marathon at 330 Bay Street, Suite 1505, Toronto, Ontario, M5H 2S8, Telephone 416-861-0851.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include but are not limited to those identified and reported in Management's Discussion and Analysis for the year ended December 31, 2007. Circumstances or management's estimates or opinions could change, and management disclaims any obligation to revise or update forward-looking statements, whether for new information, future events or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.
On Behalf of Marathon PGM:
"Phillip C. Walford"
Phillip C. Walford, P.Geo.
President, Chief Executive Officer
gen@marathonpgm.com
Tel: +1.416.987.0711
Contacts
David Leng
P.Geo: dleng@marathonpgm.com
Tel: (905) 537-5377
Fax: (416) 861-1925 |
