Severstal Completes Take-Over Bid for High River Gold Mines Ltd.
11.08.2009
MOSCOW, RUSSIA and TORONTO, ONTARIO. Severstal Resources, the mining division of OAO Severstal, announced today that the take-over bid by its subsidiary, Lybica Holding B.V. ("Lybica"), for all of the outstanding common shares of High River Gold Mines Ltd. ("High River") not already owned by Lybica and its affiliates, has expired. A total of 28,897,135 shares were deposited to the offer.
With all of the conditions of the offer having been satisfied or waived, Lybica has instructed the depositary to take up and accept for payment all of the High River common shares tendered to the offer and not already taken up. Lybica will provide the depositary with the funds necessary to make such payment on or before August 13, 2009. High River common shareholders will receive payment for their common shares through their broker or other financial intermediary if the shares were tendered through brokers or other financial intermediaries.
Following the completion of the offer, Severstal will own directly and through affiliates, approximately 400.7 MM common shares, or 61.7 percent, of High River.
"Although the level of acceptances is below that necessary to take High River private, Severstal is pleased to have raised its control in the company to 61.7 percent, and intends to continue to operate High River as a subsidiary entity.", said Alexey Kulichenko, CFO of OAO Severstal.
Morgan Stanley & Company Limited and Torys LLP are acting as the financial and legal advisors to Severstal on this transaction.
Contacts:
Sergey Loktionov
Press Secretary, Severstal Resources
+7 495 981 0910 ext. 6648
press@severstalresurs.ru
Peter Bacchus
Managing Director
Morgan Stanley
+44 (0) 20 7425 4669
Vladimir Samarin
Vice President
Morgan Stanley
+44 (0) 20 7425 4361
David Kaiser
Senior Vice President
Fleishman-Hillard Canada Inc. for Severstal
+1 (416) 645-3682
David.Kaiser@fleishman.ca
