Zijin Mining Succeeds in Bid for Nevsun Resources, Extends Tender Period

Nevsun Resources (TSX:NSU,NYSEAMERICAN:NSU) and Zijin Mining (SHA:601899,HKEX:2899) have announced that Zijin has been successful in its offer to purchase all of the issued and outstanding Nevsun common shares for C$6.00 per share.

The company said that the number of Nevsun common shares tendered as at the deadline of 5:00pm (Eastern Standard Time) on December 28, 2018 totals an aggregate of 276,820,575, representing approximately 89.37 percent of the total issued and outstanding Nevsun shares on a fully diluted basis. All of the conditions to the Offer, as amended by the notice of variation dated December 5, 2018, have been satisfied or waived.

As quoted in the press release:

Zijin, through its subsidiary, has taken up all of the Deposited Shares and will pay the depositary the aggregate consideration of $1,660,923,450 for the Deposited Shares within three business days.

In addition, pursuant to applicable Canadian securities laws, Zijin has extended the period shareholders of Nevsun have to tender their shares under the offer by 10 days to 5:00pm (Eastern Standard Time) January 7, 2019. Shareholders who tender their Nevsun shares in the extended period will receive the same C$6.00 per share which will be paid within three business days of the expiry time. Zijin has provided notice of extension to the depositary, Computershare Trust Company of Canada effective December 28, 2018. There can be no assurance that Zijin will further extend the offer after the expiry time, and Nevsun shareholders are encouraged to tender as soon as possible to receive their consideration in a timely manner.

Click here to read the full Nevsun Resources (TSX:NSU,NYSEAMERICAN:NSU) press release.