Khan Acknowledges ARMZ Intention to Make an Unsolicited Offer
- Press Release
- Source: Khan Resources Inc.
- On 6:25 pm EST, Friday November 27, 2009
TORONTO, ONTARIO--(Marketwire - Nov. 27, 2009) - Khan Resources Inc. (TSX:KRI - News; "Khan") announced that it was informed today that Atomredmetzoloto JSC ("ARMZ"), a Russian state-owned nuclear energy corporation, intends to make an unsolicited offer to purchase all of the outstanding common shares of Khan for Cdn.$0.65 per share.
ARMZ has issued a press release which indicates that the offer will be made by way of a take-over bid circular to be mailed to Khan shareholders after a shareholders' list is received from Khan. ARMZ has not yet made any formal offer and no action is required by Khan shareholders at this time. Until Khan receives the offer and related take-over bid circular and completes its review of the terms and conditions of any such offer, it will not comment on the offer or speculate as to any future course of action it might take. Khan's Board of Directors will be meeting to consider the unsolicited offer. Shareholders are urged to defer making any decision with respect to the offer until the Khan Board of Directors formally communicates to shareholders its position on any such offer.
Khan Resources Inc. (TSX:KRI - News) is a Canadian company engaged in the acquisition, exploration and development of uranium properties. Its current activities are focused on the Dornod area in northeastern Mongolia, the site of a former Russian open-pit uranium mine. Khan holds interests in the Main Dornod Property, licensed for mining, and in the Additional Dornod Property, licensed for exploration. The Company's website is www.khanresources.com.
