WHETSTONE MINERALS ANNOUNCES ANTICIPATED CLOSING DATE FOR ACQUISITION AND PRIVATE PLACEMENT AND PROVIDES AN UPDATE ON INDIGENISA
2011年4月2日 - 12:01AM
PR Newswire (Canada)
CALGARY, April 1 /CNW/ -- CALGARY, April 1 /CNW/ - (TSX Venture:
WMI) - Whetstone Minerals Ltd. ("Whetstone") announces that,
further to its press releases dated November 2, 2010, December 1,
2010, December 31, 2010, January 21, 2011 and February 22, 2011,
Whetstone anticipates that, subject to the receipt of all necessary
regulatory approvals (including TSXV approval), it will complete
the previously announced acquisition (the "Acquisition") of the
outstanding share of DGL Investments Number Four Mauritius from
Duration Gold Limited in consideration for the issuance of
45,000,000 common shares of Whetstone to Duration Gold Limited and
the private placement financing of 50,000,000 common shares of
Whetstone at an issue price of U.S.$0.10 per share (the "Private
Placement") on or before April 8, 2011. The Government of Zimbabwe
gazetted the Indigenisation and Economic Empowerment Act in 2007.
This Act made provision for the indigenisation of up to 51% of all
foreign owned businesses operating in Zimbabwe. Regulations in
support of the Act were subsequently published in February 2010 in
preparation for the implementation of the provisions of the Act.
The Minister of Youth, Indigenisation and Economic Empowerment
published on Monday, March 28, 2011, a statutory instrument in the
Zimbabwean Government Gazette, General Notice 114 of 2011 (the
"Notice"), setting out the requirements for the implementation of
the provisions of the Indigenisation and Economic Empowerment Act
and its supporting regulations as they pertain to the mining
sector. The Notice defines the minimum indigenisation and
empowerment quota as "a controlling interest or 51% of the shares
or interests which in terms of the Act is required to be held by
indigenous Zimbabweans in the non-indigenous mining business
concerned". The Notice requires that disposals of the required
indigenisation interests must be to defined "designated entities",
which include the National Indigenisation and Economic Empowerment
Fund, the Zimbabwe Mining Development Corporation or any company
incorporated by that entity, a statutory sovereign wealth fund that
may yet be created, or an employee share ownership scheme or trust.
The Notice states that "the value of the shares or other interests
required to be disposed of to a designated entity … shall be
calculated on a basis of valuation agreed to between the Minister
and the non-indigenous mining business concerned, which shall take
into account the State's sovereign ownership of the mineral or
minerals exploited or proposed to be exploited by the
non-indigenous mining business concerned." The Notice calls for all
non-indigenous mining businesses to submit an indigenisation
implementation plan to the Minister within forty five days of the
date of the Notice, setting out the manner in which such businesses
plan to achieve the indigenisation quota. Such plan, once approved
by the Minister, must be implemented within six months of the date
of the Notice. Allan Dolan, Chairman and Interim President of
Whetstone commented "Whetstone has factored in the impact of
proposed Indigenisation into its business plan and, through
Duration Gold Limited, has submitted its plan in compliance with
the Indigenisation regulations and intends to comply with the law
as in force from time to time." Further information will be made
available as and when discussions have been finalized.
Forward-Looking Statements In the interest of providing Whetstone
shareholders and potential investors with information regarding
Whetstone including management's assessment of the future plans and
operations of Whetstone, certain statements contained in this press
release constitute forward-looking statements or information
(collectively "forward-looking statements") within the meaning of
applicable securities legislation. In particular, this press
release contains, without limitation, forward-looking statements
pertaining to the following: the anticipated timing of the
completion of the Acquisition and the Private Placement. With
respect to forward-looking statements contained in this press
release, Whetstone has made assumptions regarding, among other
things: its ability to obtain the necessary regulatory approvals to
complete the Acquisition and the Private Placement and its ability
to raise the necessary funds to complete the Private Placement.
Although Whetstone believes that the expectations reflected in the
forward looking statements contained in this press release, and the
assumptions on which such forward-looking statements are made, are
reasonable, there can be no assurance that such expectations will
prove to be correct. Readers are cautioned not to place undue
reliance on forward-looking statements included in this press
release, as there can be no assurance that the plans, intentions or
expectations upon which the forward-looking statements are based
will occur. By their nature, forward-looking statements involve
numerous assumptions, known and unknown risks and uncertainties
that contribute to the possibility that the predictions, forecasts,
projections and other forward-looking statements will not occur,
which may cause Whetstone's actual performance and financial
results in future periods to differ materially from any estimates
or projections of future performance or results expressed or
implied by such forward-looking statements. These risks and
uncertainties include, among other things, the following: the
failure of Whetstone to obtain the necessary regulatory approvals
to complete the Acquisition and the Private Placement; the failure
of Whetstone to raise the necessary funds to complete the Private
Placement; and general economic and political conditions in Canada,
Zimbabwe and abroad. Readers are cautioned that this list of risk
factors should not be construed as exhaustive. These risk
factors are discussed in Whetstone's information circular - proxy
statement dated November 2, 2010, as filed with Canadian securities
regulatory authorities. The forward-looking statements contained in
this press release speak only as of the date of this press release.
Except as expressly required by applicable securities laws,
Whetstone does not undertake any obligation to publicly update or
revise any forward looking statements, whether as a result of new
information, future events or otherwise. The forward-looking
statements contained in this document are expressly qualified by
this cautionary statement. Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. To view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/April2011/01/c8612.html
p /p p align="justify" please contact the Corporation or Charles
Vivian of Pelham Bell Pottinger: /p table tr valign="top" td
align="left" Whetstone Minerals Ltd.br/ br/ Allan Dolan, Chairman
and Interim Presidentbr/ and Chief Executive Officerbr/
Phone: +44 (77) 9697 3008 /td td align="right" /td td
align="left" Pelham Bell Pottingerbr/ br/ Charles Vivianbr/
Phone: +44 207 861 3126 /td /tr /table p iTo be added to
Whetstone's private email list, please contact /iia
href="mailto:info@whetstoneminerals.com"info@whetstoneminerals.com/a/ii./i
/p p /p
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Whetstone Minerals Ltd. (TSXV:WMI)
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