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Mails Directors' Circular to Shareholders Recommending Acceptance
Apr 16, 2009 07:34AM
April 16, 2009
Western Prospector Group Mails Directors' Circular to Shareholders Recommending Acceptance of $0.56 Per Share Offer
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 16, 2009) - Western Prospector Group Ltd. (TSX VENTURE:WNP) ("Western") today announced that First Development Holdings Corporation, an indirect, wholly owned subsidiary of CNNC International has commenced and mailed its previously announced offer to acquire all of the issued and outstanding common shares (the "Shares") of Western for cash consideration of $0.56 per Share (the "Offer"). The mailing of the Offer and take-over bid circular is accompanied by the circular of the Western board of directors, in which the Western board unanimously recommends that the shareholders accept the Offer.
The Offer is open for acceptance until 5:00 p.m. (Toronto time) on May 21, 2009, unless withdrawn or extended. The Offer is subject to certain conditions, including there having been validly deposited under the Offer and not withdrawn such number of Shares which, together with any Shares beneficially owned, controlled or directed by the Offeror, its affiliates or joint actors, represent at least 50.1% of the issued and outstanding Shares (on a fully diluted basis).
Full details of the Offer are contained in the takeover bid circular of the Offeror and related materials and the directors' circular, copies of which may be accessed electronically on the Internet at www.sedar.com.