Kinbauri Gold Corp.: Update on Glen Eagle Transaction
OTTAWA, ONTARIO -- (MARKET WIRE) -- 06/04/09 -- Kinbauri Gold Corp.
("Kinbauri") (TSX VENTURE: KNB) (FRANKFURT: 3KG.DE) announces that it
has been informed by Glen Eagle Resources Inc. ("Glen Eagle") (TSX
VENTURE: GER) that due to the court application commenced in
connection with its proposed transaction with Glen Eagle announced on
May 12, 2009, the original funding arrangements made by Glen Eagle
are no longer available. Glen Eagle and Paradise Peak Holdings have
indicated that they remain committed to closing the transaction with
Kinbauri and are in the process of making new financial arrangements.
Glen Eagle has advised that it will provide confirmation of its new
funding arrangements by the close of business today.
The special committee of independent directors (the "Special
Committee") is evaluating the takeover bid commenced by Orvana
Minerals Corp. and will make a recommendation to the board of
directors. Kinbauri expects to mail its directors' circular
containing its recommendation next week.
In the interim, the Company encourages shareholders not to take any
action with respect to the offer.
THIS PRESS RELEASE WAS PREPARED BY KINBAURI GOLD CORP. THE TSX
VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
This press release contains certain forward-looking statements, which
are based on the opinions and estimates of management at the date the
statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected. Kinbauri
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on
forward-looking statements.
VISIT:
Kinbauri Gold's Hub at http://www.agoracom.com/IR/kinbauri where
investors can post questions and receive answers or review questions
and answers already posted by other investors. Kinbauri Web-Site:
www.kinbauri-gold.com
Contacts:
North America
Kinbauri Gold Corp.
Dr. Vern Rampton, P. Eng., President
613-836-2594
613-831-2730 (FAX)
vrampton@kinbauri-gold.com
kinbauri@kinbauri-gold.com
Europe
INVESTEL
Ruediger (Rudy) Hnyk, CEO
Investor Relations & Telecommunications
ceo@investel.de
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.