Canada-listed company Western Prospector Group Ltd., focused on uranium project in Mongolia, announced that its 38,003,666 common shares (approximately 69% of company's shares) were deposited to the offer of the British Virgin Islands-registered First Development Holdings Corporation, which is an indirect wholly-owned subsidiary of public HK-listed company CNNC International Limited, for all of the outstanding common shares of Western Prospector.
This result represents substantial support for the offer, and First Development has taken up and accepted for payment all the shares tendered, in the amount of C$0.56 per share of the Western Prospector common shares deposited to the offer.
In March 2009, the BVI-registered First Development and Western Prospector entered into a support agreement pursuant to which Western Prospector represented that the directors and officers of the company intend to tender or caused to be tendered to the Offer Western Prospector common shares over which control or direction is exercised, and that any restrictions imposed on or by Western Prospector to prevent any director or officer from tendering such shares have been waived or removed.
First Development has informed Western Prospector of its intention to acquire all of its remaining common shares that are not already owned by First Development.
