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    Inter-Citic Rejects Unsolicited Proposal From Chinese Mining Company

    Investing News Network
    Oct. 06, 2011 10:26AM PST
    Gold Investing

    Inter-Citic Minerals Inc. (TSX:ICI) reported rejecting an unsolicited preliminary proposal from a large Chinese mining company to acquire all of the outstanding shares of the company.

    Inter-Citic Minerals Inc. (TSX:ICI) reported rejecting an unsolicited preliminary proposal from a large Chinese mining company to acquire all of the outstanding shares of the company.

    As quoted in the press release:

    The Proposal was rejected by a Special Committee of the Inter-Citic Board after consultation with its independent financial advisors and legal counsel.

    The Proposal, from a company that to the best of Inter-Citic’s knowledge is neither an insider nor shareholder of the Company, included an indicative price of between $1.20 and $1.70 per share for Inter-Citic.

    In considering the Proposal, the Special Committee determined that the indicative price significantly undervalues Inter-Citic and its prospects, and is therefore not in the best interests of shareholders.

    Inter-Citic Chairman, Mark Frederick said:

     “The Dachang gold project is a great exploration success story that, in spite of currently challenging global markets and very recent and unusual trading volumes, will continue to be recognized as a gold asset of very significant value in a market where the demand for gold and quality gold projects has been increasing substantially. With $22 million in the bank, the Company is well funded to further advance and expand one of China’s largest undeveloped gold resources.”

    Click here to read the Inter-Citic (TSX:ICI) press release. 

     

     

     

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