Inter-Citic Announces PRC Approvals Related to Plan of Arrangement Have Been Obtained
November 13 2012 - 12:29PM
Marketwired
Inter-Citic Minerals Inc. ("Inter-Citic" or the "Corporation")
(TSX:ICI)(OTCQX:ICMTF) today announced that it has been informed by
Western Mining Group Co., Ltd. that all requisite regulatory
approvals required in The People's Republic of China to complete
the previously announced arrangement under the Canada Business
Corporations Act (the "Arrangement") pursuant to which Qing Hai
Mining Acquisition Corp., an indirect wholly-owned Canadian
subsidiary of Western Mining Group Co., Ltd., will acquire all of
the issued and outstanding common shares of Inter-Citic for C$2.05
per share in cash, have now been granted.
The closing of the Arrangement is currently scheduled for
November 19, 2012.
About Inter-Citic
Toronto-based Inter-Citic Minerals Inc. is an exploration and
development company advancing its Dachang Gold Project in the
People's Republic of China. Inter-Citic is listed on the TSX under
the symbol ICI. Inter-Citic's website is www.inter-citic.com.
About Western Mining
Western Mining Group Co., Ltd. is an integrated resources
development company based in Qinghai Province, People's Republic of
China. It has total assets of approximately C$5.5 billion and is
involved in geological exploration, mining, processing, smelting,
scientific research and development, trade, investment and
financing. There are approximately 40 companies within the Western
Mining Group, including Western Mining Co., Ltd, which is listed on
the Shanghai Stock Exchange.
Investors are encouraged to review "Risk Factors" associated
with the Arrangement as outlined in the management proxy circular
of the Company dated October 3, 2012 and "Risk Factors" set out in
the Company's 2011 Financial Statements and Annual Information
Form, along with updates, all available on the SEDAR website at
www.sedar.com. The statements herein that are not historical facts
are forward-looking statements including those identified by the
expressions "expect", "intend" and similar expressions. These
statements address future events and conditions and so involve
inherent risks and uncertainties, as disclosed under the heading
"Risk Factors" in the company's periodic filings with Canadian
securities regulators. Actual results could differ from those
currently projected. The completion of the Arrangement is subject
to a number of terms and conditions, including required court and
regulatory approvals, as well as certain termination rights
available to the parties under the Arrangement Agreement. To the
extent such approvals are outstanding, they may not be obtained,
the other conditions to the transaction may not be satisfied in
accordance with their terms, and/or the parties to the Arrangement
Agreement may exercise their termination rights, in which case the
Arrangement could be modified, restructured or terminated, as
applicable. Readers are cautioned not to place undue reliance on
forward-looking statements. The Company does not assume the
obligation to update any forward-looking statement.
The TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of the content of this news release
Contacts: Inter-Citic Minerals Inc. Stephen Lautens Vice
President, Corporate Communications (905) 479-5072 x
227ir@inter-citic.com www.inter-citic.com