Update re Possible Offer and Jinchuan MOU
reuters.com
Mon Dec 13, 2010 2:00am EST
As announced on 9 December 2010, Toledo Mining Corporation plc ("Toledo" or "the Company") (AIM: TMC) has received a preliminary approach from a third party which may or may not lead to an offer being made for the entire issued share capital of the Company. The Company wishes to clarify that this third party is not Jinchuan.
Update re Jinchuan MOU
The Company announced on 12 July 2010 that it had signed a Memorandum of Understanding ("MOU") with Jinchuan Group Limited ("Jinchuan") pursuant to which Toledo and Jinchuan intended to form a strategic alliance for the exploration, mining, processing and sale of nickel products from Toledo's nickel interests on Palawan Island, Philippines. As part of this alliance, Jinchuan intended to subscribe for new shares in Toledo representing 29.9% of the Company's enlarged issued share capital at a price of 42p per share.
The Company regrets to advise that, due to uncertainties on the part of both parties, these detailed discussions have not concluded in an agreement.
Toledo intends to maintain a dialogue with Jinchuan with a view to working together in the future.
Toledo has begun to explore alternative sources of funding for its strategic plan. The Company will make further announcements in this regard in due course.
For further information, please visit www.toledomining.com or contact:
Reg Eccles, Chairman, Toledo Mining Corporation
+44 (0) 20 7514 1480
Richard Swindells / Jen Boorer, Ambrian Partners Ltd
+44 (0) 20 7634 4700
Alex Buck, BuckBias Ltd
+44 (0)7932 740 452
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Source: Toledo Mining Corporation PLC via Thomson Reuters ONE |
