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Great Western Minerals Group To Acquire 100% Of Rare Earth Extraction Co. Limited |
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Tuesday, 31 May 2011 04:11 |
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Great Western Minerals Group Ltd. (TSX:V – GWG) announces that it is exercising its rights under South African company law and has initiated the process to compel the acquisition of all of the remaining shares of Rare Earth Extraction Co. Limited (“Rareco”) that it does not already hold, which will result in a 100% shareholding of Rareco by GWMG.
To date, GWMG holds 93.1% of the issued and outstanding shares of Rareco. GWMG previously announced that it had posted an all-cash offer circular to the shareholders of Rareco on December 21, 2010 and had acquired the requisite 90% of Rareco shares, which entitles GWMG to initiate the compulsory acquisition provisions under Section 440K of the Companies Act (South Africa). (See December 21, 2010 GWMG News Release: “Great Western Minerals Group Delivers Offer Circular To Rareco Shareholders and March 2, 2011 GWMG News Release: “Great Western Minerals Group Completes Rareco Purchase”). Jim Engdahl, President and Chief Executive Officer of GWMG said, “Moving to acquire 100% of Rareco furthers our Company’s ability to execute its fast track schedule for the Steenkampskraal property.” (See April 21, 2011 GWMG News Release: Great Western Minerals Group Targets Earlier Dates and Increased Output at Steenkampskraal Rare Earth Project).” "In conjunction with the recent approval from the National Nuclear Regulator of South Africa for GWMG’s work program at Steenkampskraal, our Company is in a very strong position to continue its rapid advancement, having executed the steps to acquire Rareco, right on schedule," added Engdahl. |
