Western Prospector Group Ltd. has announced that 38,003,666 or approximately 69% of its issued and outstanding common shares were validly deposited to the offer of First Development Holdings Corporation for all outstanding common shares of the company and not withdrawn as at close of day on June 29. This result represents substantial support for the offer. First Development has taken up and accepted for payment all such shares tendered.
First Development has communicated to Western Prospector an intention to commence a second step transaction by way of statutory arrangement, amalgamation, merger, reorganization, consolidation, recapitalization or other transaction to acquire all remaining Western Prospector common shares.
First Development is an indirect wholly-owned subsidiary of CNNC International Limited, a public company listed on the Hong Kong Stock Exchange. CNNC Overseas Uranium Holding Ltd., a wholly owned unit of China National Nuclear Corporation (CNNC), holds approximately 70.25% of the issued share capital of CNNC Intl. CNNC is China's leading uranium development and nuclear fuel company.
Source: www.westernprospector.com
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