Business & Finance
Mon, June 21, 2010Sun, June 20, 2010Sat, June 19, 2010Fri, June 18, 2010Thu, June 17, 2010Wed, June 16, 2010Tue, June 15, 2010Mon, June 14, 2010Sun, June 13, 2010Fri, June 11, 2010New Island Recieves Unsolicited Takeover Bid From Anaconda Mining and Engages Financial and Legal Advisors
Published in Business and Finance on Wednesday, June 16th 2010 at 6:50 GMT by Market Wire
ST. JOHN'S, NEWFOUNDLAND--(Marketwire - June 16, 2010) - New Island Resources Inc. (TSX VENTURE:NIS) ("New Island") reports that on June 11, 2010, Anaconda Mining Inc. ("Anaconda") announced that it has commenced an unsolicited offer (the "Offer") to acquire all of the outstanding shares New Island in consideration for one share of Anaconda for each three shares in New Island.
New Island has retained Cox & Palmer as legal advisors and is in the process of retaining financial advisors in connection with the Offer. The Board together with its financial advisors and legal advisors will review the full terms of the Offer, and following that review the Board will make a recommendation that is in the best interests of shareholders. New Island urges shareholders to wait for its Board to make its recommendation to shareholders before making a decision with respect to the Offer.
About New Island Resources Inc.
New Island Resources Inc. (TSX VENTURE:NIS) (New Island) is a diversified junior exploration company holding gold and base metal properties in the province of Newfoundland and Labrador. Its main projects include: a 70% interest in the Pine Cove gold property, which is on option to Anaconda Mining Inc. (Anaconda) whereby Anaconda can earn a 60% interest and operator status by bringing the property into commercial production, where production is expected to commence in June 2010; a 100% interest in the large Glover Island property having significant gold showings covered by a mining lease; and a 17% shareholding in Prominex Resource Corp. which holds the advanced Tulks Hill base metal deposit south of Buchans. For more information visit: [ www.newislandresources.com ].
ON BEHALF OF THE BOARD OF DIRECTORS
Harold L. Wareham, President & CEO
Statements contained in this release that are not historical facts are forward-looking statements, which involve known and unknown risks and uncertainties not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or expectations implied by these forward-looking statements.
"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"
