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Zijin Mining purchases further Nevsun Resources shares

Published by , Assistant Editor
Global Mining Review,

Nevsun Resources Ltd. (Nevsun) and Zijin Mining Group Co. Ltd. (Zijin) yesterday announced that in connection with Zijin's offer to purchase all of the issued and outstanding common shares of Nevsun (Nevsun shares) for CAN$6.00 per Nevsun share (the offer), an additional 9 526 987 Nevsun shares (additional shares), representing approximately 3.07% of all issued and outstanding Nevsun shares, have been deposited under the offer and not withdrawn during the extension period. Zijin thanks all the shareholders who have tendered their Nevsun shares for their continued support of the offer.

Zijin, through its subsidiary, has taken up all of the additional shares and will pay the depositary the aggregate consideration of CAN$57 161 922 for the additional shares on 8 January 2019. As a result of the take up and upon payment of all of the additional shares, and the 276 820 575 Nevsun shares taken-up on 28 December 2018, Zijin will own approximately 92.44% of the total issued and outstanding shares of Nevsun.

As the offer has now expired, Zijin intends to acquire the balance of the Nevsun shares by way of compulsory acquisition, as more fully described in the offer circular. A notice of compulsory acquisition is expected to be mailed in the coming days to Nevsun shareholders who did not tender their shares to the offer. Shareholders are encouraged to carefully review the notice of compulsory acquisition and complete and return the letter of transmittal, together with the certificates representing their Nevsun shares, in accordance with the instructions included in the notice of compulsory acquisition in order to receive payment for their shares as soon as possible.

Zijin intends to apply to delist the Nevsun shares from the Toronto Stock Exchange and the New York Stock Exchange effective on the completion of the compulsory acquisition. In addition, on completion of the compulsory acquisition, Zijin intends to cause Nevsun to cease to be a reporting issuer under the securities laws of each province of Canada in which it is a reporting issuer and to cease to have public reporting obligations in any other jurisdiction in which it currently has such obligations.

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