British Virgin Islands company GeoProMining Ltd. has announced that 253,526,305 common shares of Sterlite Gold Ltd., representing approximately 95.6% of the outstanding common shares of Sterlite Gold, were deposited to the offer made by GeoProMining to acquire all of the oustanding common shares of Sterlite Gold, for US$0.3845 in cash, per common share as at the expiry time of the offer. The date of expiration of the offer was September 27, 2007. All of the conditions of the offer were satisfied as at the expiry time, and GeoProMining has taken up all of the Sterlite Gold common shares that were deposited to the offer.
The BVI company intends to acquire the remaining Sterlite Gold common shares by means of a statutory compulsory acquisition at the same price as the Offer price, and to de-list the common shares from the Toronto Stock Exchange.
GeoProMining is a private diversified resources holding company having a portfolio of quality exploration and mining projects. Sterlite Gold is a Canada-based company, currently operating in Armenia in the business of acquiring, exporing and developing mineral resource properties, as well as operating gold mines.
