Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Nov. 30, 2011) – Hathor Exploration Limited (TSX:HAT) (“Hathor“) announces that Rio Tinto has confirmed that it has succeeded in its bid to acquire Hathor and that all of the conditions of the offer, made through an indirect wholly-owned Canadian subsidiary of Rio, have been satisfied.
Hathor has been advised that approximately 94,950,089 Hathor common shares were validly tendered by shareholders to the offer or held by an affiliate of Rio Tinto, representing 70.21 per cent of the outstanding Hathor common shares on a fully diluted basis.
All common shares validly tendered by 5:00 pm (Toronto time) on November 30, 2011 have been taken up and Rio Tinto will pay for such shares on or before December 5, 2011.
Rio Tinto has also extended its offer to acquire all the common shares of Hathor for C$4.70 in cash by 10 days in order to allow the remaining Hathor shareholders sufficient time to tender their shares to the offer. The offer is now due to expire at 5:00 pm (Toronto time) on December 12, 2011, unless further extended. A notice of extension will be mailed to Hathor shareholders and filed on SEDAR.
Rio Tinto intends to take up any common shares validly deposited on a daily basis and will pay for such shares within three business days of deposit.
Hathor’s board of directors unanimously recommends that Hathor shareholders accept and tender their common shares to Rio Tinto’s offer.
Dr. Michael H. Gunning, President & CEO
Hathor Exploration Limited
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking information concerns Hathor’s anticipated operations in future periods, planned exploration and development of its properties, and plans related to its business and other matters that may occur in the future. This information relates to analyses and other information that is based on expectations of future performance and planned work programs. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if a mineral property is developed. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation: exploration hazards and risks; risks related to exploration and development of natural resource properties; uncertainty in Hathor’s ability to obtain funding; precious and base metal price fluctuations; recent market events and conditions; risks related to the uncertainty of mineral resource calculations and the inclusion of inferred mineral resources in economic estimation; risks related to governmental regulations; risks related to obtaining necessary licenses and permits; risks related to Hathor’s business being subject to environmental laws and regulations; risks related to Hathor’s mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; risks relating to competition from larger companies with greater financial and technical resources; risks relating to Hathor’s inability to meet its financial obligations under agreements to which it is a party; ability to recruit and retain qualified personnel; and risks related to Hathor’s directors and officers becoming associated with other natural resource companies which may give rise to conflicts of interests.
This list is not exhaustive of the factors that may affect Hathor’s forward-looking information. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information. Hathor’s forward-looking information is based on the reasonable beliefs, expectations and opinions of management on the date the statements are made and Hathor does not assume any obligation to update forward-looking information if circumstances or management’s beliefs, expectations or opinions change, except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking information. For a complete discussion, please refer to Hathor’s Annual Information Form and unaudited financial statements and MD&A for its most recently completed financial year on SEDAR at www.sedar.com.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.
