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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (684)5/20/2014 11:24:38 PM
From: Goose94Read Replies (2) of 202448
 
Ximen Mining (XIM-V) in early talks to acquire Huldra Silver (HDA-V)

May 12, '14 - NR

Ximen Mining Corp. has provided an update for the due diligence agreement signed between the company and Huldra Silver Inc. The company has delivered a letter to the board of directors of Huldra Silver, indicating it wishes to enter into formal discussions to explore a business combination in the best interests of both parties. At present, the negotiations are at a very early stage, and no agreement has been reached whatsoever. Any agreement reached will be subject to Ximen's assessment and approval of terms with key unsecured creditors and equity stakeholders of Huldra Silver. Without satisfactory arrangements being made with such unsecured creditors and stakeholders, Ximen will not be proceeding with the proposed acquisition.

Under the proposed offer presented to Huldra's board, Ximen would satisfy in full the creditor which has security over all the assets of Huldra Silver and its subsidiaries. This would be done through a debt swap replacing one secured creditor with a new one. Secondly, the unsecured debentureholders and trade payables would be satisfied with a share and or cash combination yet to be finalized. Thirdly, Ximen will acquire all of the issued and outstanding shares of Huldra Silver in a share exchange arrangement yet to be outlined.

Huldra Silver's board has confirmed in writing that it is in general agreement with the proposed terms. Ximen and Huldra plan to immediately start the formal process of finalizing an agreement. Ximen expects to finalize its terms with key unsecured creditors prior to May 26 or terminate negotiations.
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