NYBob
16 years ago
Acquisition of Yukon Zinc Corporation by Jinduicheng Molybdenum Group, Ltd. and Northwest Nonferrous International Investment Company, Limited Receives Shareholder and Court Approval
Thursday June 26, 2:30 pm ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 26, 2008) -
Yukon Zinc Corporation -
(TSX VENTURE:YZC - News; "Yukon Zinc") is pleased to announce that the acquisition of Yukon Zinc by -
Jinduicheng Molybdenum Group Ltd. and Northwest Nonferrous International Investment Company Limited (the "Investors")
by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia) has been approved by Yukon Zinc's shareholders and the Supreme Court of British Columbia.
Yukon Zinc expects the Arrangement to be effective on or about July 2, 2008.
The Investors have received all necessary approvals from authorities in the People's Republic of China in respect of the Arrangement. The Investors have also received an Advance Ruling Certificate from the Canadian Competition Bureau in respect of the Arrangement. Given receipt of these approvals, the Arrangement is not subject to any further regulatory approvals. Trading in the shares of Yukon Zinc on the TSX Venture Exchange will be halted at the close on June 26, 2008 pending the closing of the Arrangement, which is expected to be on or about July 2, 2008.
The Investors will acquire Yukon Zinc through their wholly-owned subsidiary Jinduicheng Xise (Canada) Co., Ltd., which recently changed its corporate name from YZC Acquisition Corp.
About Yukon Zinc
Yukon Zinc is a TSX Venture Exchange listed company based in Vancouver. It is focused on development of its silver-rich Wolverine Project in southeast Yukon and its large exploration land holdings in the Finlayson and Rancheria Districts. A bankable feasibility study was completed for the Wolverine Project by Wardrop Engineering in January 2007 indicating favourable project economics. The Project has all of its main development permits and enjoys strong support from the Yukon Government and its local First Nations communities.
Cautionary Note Regarding Forward-Looking Statements
This news release contains statements which are, or may be deemed to be, "forward looking statements", which are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Readers are cautioned not to put undue reliance on forward-looking statements.
12G: 82-4603
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release.
Contact:
Dr. Harlan Meade
Yukon Zinc Corporation
President and CEO
(604) 682-5474 or Toll Free: 1-877-682-5474
Shae Dalphond
Yukon Zinc Corporation
Manager, Investor Communications
(604) 682-5474 or Toll Free: 1-877-682-5474
(604) 682-5404 (FAX)
Email: info@yukonzinc.com
Website: www.yukonzinc.com
Source: Yukon Zinc Corporation
http://biz.yahoo.com/ccn/080626/200806260471114001.html?.v=1
NYBob
16 years ago
Griffin Mining Limited to Acquire Yukon Zinc Corporation
Monday April 21, 6:11 pm ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 21, 2008) -
Yukon Zinc Corporation -
(TSX VENTURE:YZC - News; "Yukon Zinc") and Griffin Mining Limited (AIM:GFM) ("Griffin") announced today that they have signed an Agreement (the "Agreement") whereby Griffin will acquire all of the issued shares of Yukon Zinc through a court-approved plan of arrangement. The shares of Griffin are traded on the Alternative Investment Market ("AIM") of the London Stock Exchange.
Under the terms of the transaction the shareholders of Yukon Zinc will receive one ordinary share of Griffin for every nine common shares of Yukon Zinc held. This represents a value of C$0.206 per Yukon Zinc share based upon the closing price of the Griffin shares on AIM on April 18, 2008 of 0.9225 of a British Pound Sterling and a Canadian Dollar - British Pound Sterling exchange rate of 0.4984. This represents a premium of 46.9% to the closing price of the Yukon Zinc shares on the TSX-V on April 18, 2008 and 43.0% premium to the 20 day volume weighted average trading price of the Yukon Zinc shares on the TSX-V. After completion of the transaction, the shareholders of Yukon Zinc will hold approximately 16% of the issued Griffin shares, with the current Griffin shareholders holding the remaining 84%. It is expected that the transaction will close by July 31, 2008.
Griffin will have the following attributes after completion of the transaction:
- A strong balance sheet with over C$200 million in cash; No debt;
- 60 percent interest in the low-cost Caijiaying zinc-gold-silver-lead mine in Hebei Province China;
- 100 percent interest in the high grade advanced zinc-silver-copper-gold-lead Wolverine Project located in Yukon Canada;
- When the Wolverine Project achieves full production status, projected annual zinc production in concentrates from Caijiaying and Wolverine will exceed 150 million pounds and annual payable silver production will exceed 4.5 million ounces. There will also be significant quantities of copper, gold and lead production; and
- Exciting exploration and development potential in the vicinity of the Caijiaying mine in China and in the Yukon Zinc's Finlayson District and other exploration properties.
Harlan Meade, President and Chief Executive Officer of Yukon Zinc, said, "The transaction with Griffin will result in the development of the Wolverine deposit, which is projected to become a very low cost producer. Yukon Zinc's properties and exploration expertise will complement the development and financial strengths of Griffin and provide an attractive growth outlook for Yukon Zinc and Griffin shareholders. We believe that this transaction represents an excellent value proposition for our shareholders and provides a bright future."
Mladen Ninkov, Chairman of Griffin, stated, "This transaction fulfills the stringent economic and geological and political criteria the Company has imposed upon itself. Yukon Zinc will add a high grade, profitable mine to Griffin's portfolio and add extensive exploration acreage in one of the most exciting base metals regions in the world. The returns for existing Griffin shareholders and our new Griffin shareholders through Yukon Zinc will be very exciting. We couldn't be more pleased."
Summary of the Transaction
The acquisition of Yukon Zinc by Griffin is to be completed by way of a court-approved Plan of Arrangement whereby each shareholder of Yukon Zinc will receive one-ninth of an ordinary share of Griffin for each common share of Yukon Zinc held (the "Exchange Ratio"). Outstanding warrants and options of Yukon Zinc will be converted into Griffin warrants and options by multiplying the number of warrants and options held by the Exchange Ratio. The exercise price of the warrants and options will be adjusted to a number equal to the current exercise price, divided by the Exchange Ratio. The expiry dates of the warrants and options remain unchanged.
The transaction is subject to a number of conditions that are customary for transactions of this nature, including execution of definitive transaction documents, a favourable vote of at least 66 2/3% of the Yukon Zinc shares voted at a special meeting of the shareholders of Yukon Zinc called to approve the transaction, regulatory and court approvals and completion of due diligence. Yukon Zinc has agreed to pay a break fee to Griffin, under certain circumstances, of C$2.5 million. Yukon Zinc has also provided Griffin with certain other customary rights, including a right to match competing offers.
The Special Committee of the Board of Directors of Yukon Zinc has determined that the transaction is in the best interest of Yukon Zinc shareholders and that the Exchange Ratio is fair to its shareholders. The Board of Directors of Yukon Zinc unanimously recommends that the Yukon Zinc shareholders vote in favour of the transaction. Paradigm Capital Inc. has provided an opinion to the Board of Directors of Yukon Zinc that the Exchange Ratio is fair, from a financial point of view, to the holders of common shares of Yukon Zinc. Senior officers and Directors of Yukon Zinc have agreed to vote in favour of the transaction.
Management Team and Board of Directors
No change to the Board of Directors of Griffin is contemplated. Under the Agreement, Yukon Zinc must use its reasonable best efforts to maintain and preserve its organization, including its current management staff.
Yukon Zinc Advisors and Counsel
Yukon Zinc's legal and financial advisors are Lang Michener LLP and Paradigm Capital Inc. respectively. Griffin legal counsel is Anfield Sujir Kennedy & Durno, Barristers and Solicitors.
About Griffin
Griffin is a Bermuda based mining and investment company listed on the Alternative Investment Market of the London Stock Exchange (symbol GFM). Griffin, through its two Chinese joint ventures has a controlling interest in mining and exploration licenses over 67 square kilometers at Caijiaying in the Hebei Province in the People's Republic of China. Within this area Griffin has successfully commissioned the Caijiaying mine and processing facilities, with a current throughput rate of some 500,000 tonnes of ore per annum to produce a zinc concentrate and a separate lead concentrate containing gold and silver for sale in China. Griffin has a 60% interest in the Caijiaying mine and mineral interests covering the above, but is entitled to 100% of the net cash flows from Caijiaying for the first three years from the commencement of commercial production in July 2005.
Continuing exploration in the area surrounding the mine at Caijiaying and within Griffin's local Chinese joint venture's tenement boundary has shown the area to be highly prospective, indicating significant potential for further economic base and precious metals mineralisation. Considerable progress has been made in defining a separate resource at the Zone II area some 1.5 kilometres to the south of the mine at Caijiaying.
Griffin reported a profit after tax of US$18,010,000 for the six months ended 30th June 2007 and total assets of US$88,926,000 as at 30th June 2007. In August 2007 Griffin completed a placing of 68,181,818 million shares at Pounds Sterling 1.10 per share for total proceeds of Pounds Sterling 75 million (US$152 million) and currently retains cash resources in excess of US$200 million.
About Yukon Zinc
Yukon Zinc is a TSX Venture Exchange listed company based in Vancouver. It is focused on development of its exceptionally silver-rich Wolverine Project in southeast Yukon and its large exploration land holdings in the Finlayson and Rancheria Districts. A bankable feasibility was completed for the Wolverine Project by Wardrop Engineering in January 2007 indicating favourable project economics. The Project has all of its main development permits and enjoys strong support from the Yukon Government and its local First Nations communities.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities laws concerning the business, operations and financial performance and condition of each of Yukon Zinc and Griffin. Forward-looking statements include, but are not limited to, statements with respect to the future price of metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, hedging practices, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, timing and possible outcome of pending litigation, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Yukon Zinc and Griffin to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although Yukon Zinc and Griffin have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Yukon Zinc and Griffin do not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
12G: 82-4603
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release.
Contact:
Dr. Harlan Meade
Yukon Zinc Corporation
President and CEO
(604) 682-5474 or Toll Free: 1-877-682-5474
Shae Dalphond
Yukon Zinc Corporation
Manager, Investor Communications
(604) 682-5474 or Toll Free: 1-877-682-5474
(604) 682-5404 (FAX)
International Toll Free: 1-800-8682-5474
Email: info@yukonzinc.com / Website: www.yukonzinc.com
Source: Yukon Zinc Corporation
http://biz.yahoo.com/ccn/080421/200804210456425001.html?.v=1
http://investorshub.advfn.com/boards/board.asp?board_id=11696
NYBob
16 years ago
Yukon Zinc Announces Extension of Barclays US$140 Million Senior Debt Facility
Wednesday March 26, 9:28 am ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 26, 2008) -
Yukon Zinc Corporation -
(TSX VENTURE:YZC - News) is pleased to announce that Barclays Capital ("Barclays") has extended the current US$140 Million senior debt facility ("the Facility") commitment to June 30, 2008.
This Facility forms the lead portion of project financing for the Wolverine Project located in southeast Yukon, Canada.
The original debt commitment, and the extension of the commitment are subject to standard conditions, including a review of any capital cost changes and loan pricing in the context of the debt markets.
Barclays Capital is the Investment Banking division of Barclays Bank PLC and one of the leading providers of finance to the mining sector.
"The extension of Barclays' commitment in the midst of the current uncertain financial markets again confirms the fundamental merits of the Wolverine Project and confidence in the development team", said Dr. Harlan Meade, Yukon Zinc President and CEO, "meanwhile the Company continues its discussions with industry and other groups interested, directly or indirectly, in providing the required equity to fully finance Wolverine."
Senior Debt Facility
The term sheet for the Facility provides for up to US$140 million that will be available to the Company following completion of loan and security documentation as well as satisfaction of various conditions precedent.
This loan has a term of 7.5 years and will be secured against the assets of the project.
The initial financing commitment followed an extensive due diligence review by Barclays' Independent Engineers, Pincock Allen and Holt, of the Optimized Feasibility Study completed by Wardrop Engineering in early 2007.
This news release contains forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of failure to complete the proposed financing, failure to obtain necessary regulatory or shareholder approvals, and other risk factors beyond its control and actual results may differ materially from the expected results.
12G: 82-4603
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OF THIS NEWS RELEASE.
Contact:
Dr. Harlan Meade
Yukon Zinc Corporation
President and CEO
(604) 682-5474 or Toll Free: 1-877-682-5474
Shae Dalphond
Yukon Zinc Corporation
Manager, Investor Communications
(604) 682-5474 or Toll Free: 1-877-682-5474
(604) 682-5404 (FAX)
International Toll Free: 1-800-8682-5474
Email: info@yukonzinc.com / Website: www.yukonzinc.com
Source: Yukon Zinc Corporation
http://biz.yahoo.com/ccn/080326/200803260450806001.html?.v=1
http://investorshub.advfn.com/boards/board.asp?board_id=11696
NYBob
16 years ago
Yukon Zinc Closes Second Tranche of Unit and Flow-Through Financing -
Vancouver, BC, December 21, 2007 –
Yukon Zinc Corporation -
(YZC.TSX-V) is pleased to announce
that it has closed the second tranche of the brokered
private placement financing (the “Offering”),
announced December 7, 2007.
The closing consisted of 10,833,334 Units at a price of
$0.12 per Unit for gross proceeds of $1,300,000, and
9,635,715 Flow-Through Common Shares at a price
of $0.14 per share for gross proceeds of $1,349,000.
Each Unit consists of one common share and one-half share
purchase warrant.
Each full warrant entitles the holder to purchase one
common share for $0.16 for a
two year period that expires on December 21, 2009.
The financing was offered by a syndicate led by
Haywood Securities Inc., co-led by Paradigm Capital Inc.,
and including Blackmont Capital Inc. (“the Agents”).
The securities sold have a hold period that expires on
April 22, 2008.
The Agents received a cash commission equal to 6% of
the gross proceeds.
In addition, the Agents received Compensation
Options entitling the Agents for a 12 month period
expiring December 21, 2008, to acquire up to 650,000
common shares of Yukon Zinc at C$0.12 per share.
The gross proceeds of this tranche, plus the previous tranche
of the Offering on December 20, totals
approximately $6.9 million.
The net proceeds will be used for maintaining the development
and engineering activities associated with the advancement
of the Wolverine Project, and provides working
capital while Yukon Zinc evaluates alternative sources of
the equity portion of the funds required to
finance construction of the Wolverine Project
and other forms of transactions that
enhance shareholder value.
Yukon Zinc is focused on the development of the Wolverine
deposit as the Yukon’s next significant
zincsilver mine and the exploration of
the Finlayson District as Canada’s newest Volcanogenic
Massive Sulphide District.
The securities comprising the Offering have not been and will
not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”)
or any state securities laws, and may not
be offered or sold within the United States or to a U.S.
Person unless registered under the U.S. Securities
Act and applicable state securities laws or an exemption
from such registration is available.
This news release contains forward-looking statements based
on assumptions and judgments of
management regarding future events or results that may prove
to be inaccurate as a result of failure to
complete the proposed financing, failure to obtain
necessary regulatory or shareholder approvals, and
other risk factors beyond its control and actual results
may differ materially from the expected results.
- 30 -
For more information contact:
Dr. Harlan Meade, President and CEO
Shae Dalphond Manager,
Investor Communications
Telephone: (604) 682-5474
Toll-free: 1-877-682-5474
Facsimile: (604) 682-5404
info@yukonzinc.com www.yukonzinc.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT
ACCEPT RESPONSIBILITY FOR THE ADEQUACY OF THIS NEWS RELEASE.
http://www.yukonzinc.com/documents/YZC-NR-2007-12-21-Closes-Second-Tranche-8M_Financing.pdf
http://investorshub.advfn.com/boards/board.asp?board_id=11696
Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.
Hot Features
Premium
