cambrian to roar when it lists on the ASX
Cambrian Mining PLC
17 September 2004
17 September 2004
Court Approval for Merger with Deepgreen
The directors of Cambrian Mining Plc ('Cambrian') are pleased to announce that
the Supreme Court of Victoria has today approved the scheme of arrangement
between Deepgreen Minerals Corporation Limited ('Deepgreen') and its
shareholders and the scheme of arrangement between Deepgreen and its option
holders, in relation to the merger between Cambrian and Deepgreen.
An office copy of the Court's order was lodged with the Australian Securities
and Investments Commission today. Accordingly, the schemes of arrangement
('Schemes') are now effective and binding on all shareholders and option
holders. Deepgreen is now a wholly-owned subsidiary of Cambrian.
As previously advised, Deepgreen shareholders will receive one Cambrian share
for every 24 Deepgreen shares they hold on the record date and Deepgreen option
holders will receive one Cambrian share for every 75 options they hold on the
record date.
The Record Date for both schemes will be 4pm on 24 September 2004. Completion of both schemes will occur within 5 business days after the Record Date.
Cambrian will issue approximately 8.3 million new ordinary shares to Deepgreen
shareholders asconsideration for the merger. It is expected that dealings in
the new ordinary shares will commence on or around 30 September 2004. These
shares will rank pari passu with the existing ordinary shares in the Company.
The merger represents a significant s tep in the development of Cambrian as a
mining finance group, delivering raised interests in coal producing and advanced
coal development projects in North America and Bangladesh and an advanced gold
and antimony mine development in Australia.
-ends-
For further information, please contact:
Cambrian Mining plc t: 020 7409 0890
Jo Malins Parkgreen Communications t: 020 7493 3713
Justine Howarth / Ana Ribeiro
Notes to Editors
As a result of the merger, Cambrian has a direct holding of 46.7% of Western Canadian Coal Corp. (TSX-V: WTN), 26.5% of Asia Energy Plc (AIM: AEN), 100% of
the Pageton coal mine in West Virginia, US, and 42% of AGD Mining Ltd (ASX: AGZ), after taking into account its existing holdings in WTN and AGZ.
WCCC received a British Columbia Mining Acts Permit on 9 September 2004 and expects to begin production at the Dillon coal mine in northeast British Columbia in November 2004. WCCC expects to commence initial site preparation at the Perry Creek mine during Q4 2004.
AEN is conducting a final feasibility study on a 15 million tonne per year development of the Phulbari coal deposit in Bangladesh on which Cambrian will hold a US$1 per tonne royalty.
Pageton is presently producing 8,000 tonnes of coal per month for sale in the US power generation market.
Cambrian's interest in AGD could also increase to a maximum of 51% as a result of it underwriting AGD's current share issue to finance development of the
Augusta gold and antimony mine in Victoria, Australia.
This information is provided by RNS
The company news service from the London Stock Exchange
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