| Wed 25 Mar 2009, 7:47 | | TEL - Teal Completes Arrangement With Arm And Vale |
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TEL
TEL
TEL - Teal Completes Arrangement With Arm And Vale
TEAL EXPLORATION & MINING INCORPORATED
Corporate Access Number: 31403
ISIN: CA8781511099
(Incorporated in Yukon, Canada on 1 June 2005)
SA Company Registration Number: 2006/003229/10
JSE share code: TEL
JSE short name: TEAL
March 25, 2009
TEAL COMPLETES ARRANGEMENT WITH ARM AND VALE
TORONTO, Canada - TEAL Exploration & Mining Incorporated ("TEAL") is pleased
to announce the completion of the previously announced plan of arrangement
(the "Arrangement") involving TEAL, African Rainbow Minerals Limited ("ARM"),
Companhia Vale do Rio Doce ("Vale") and two wholly-owned subsidiaries of ARM,
42685 Yukon Inc. and 42696 Yukon Inc.
Upon completion of the Arrangement, the holders of all of the outstanding
common shares of TEAL not already owned by ARM have effectively had their
interest in TEAL redeemed for a cash amount of CDN$3.00 per share (which
shall be paid to shareholders who are registered on the South African branch
register maintained for TEAL in South African Rand as calculated using the
rate of exchange announced by TEAL on the JSE Limited`s Stock Exchange News
Service ("SENS") on March 19, 2009).
Shareholders who have not already done so should follow the instructions set
out under the heading "Mechanics of Arrangement and Pre-Arrangement
Transactions - Payment to TEAL Shareholders and Holders of TEAL SARS" in
TEAL`s management proxy circular dated January 19, 2009 to receive payment of
the consideration to which they are entitled.
As a result of the Arrangement, ARM and Vale each now hold a 50% indirect
interest in TEAL Minerals (Barbados) Incorporated ("TEAL Minerals"), which
was previously a wholly-owned subsidiary of TEAL. TEAL Minerals holds
directly or indirectly substantially all of TEAL`s former assets and
liabilities and ARM and Vale will operate and develop such assets as a 50:50
joint venture.
The common shares of TEAL will be de-listed from the Toronto Stock Exchange
effective on or about March 26, 2009, and TEAL will also apply to terminate
its reporting issuer status in Canada. Trading in the common shares of TEAL
has been suspended on the JSE Limited effective as of the commencement of
trading on March 24, 2009, and the de-listing from the JSE Limited will be
effective at the commencement of trading on April 3, 2009.
--ends--
NOTES:
ADDITIONAL TEAL INFORMATION CAN BE FOUND AT: www.tealmining.com
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements with respect to TEAL`s
operations and the environment in which it operates. Words such as
"anticipates", "expects", "intends", "plans", "forecasts", "projects",
"budgets", "believes", "seeks", "estimates", "could", "might", "should" and
similar expressions identify forward-looking statements.
These statements are not guarantees of future performance and involve risks
and uncertainties that are difficult to control or predict. Therefore, actual
outcomes and results may differ materially from those expressed in these
forward-looking statements. Readers, therefore, should not place undue
reliance on any such forward-looking statements. Further, a forward-looking
statement speaks only as of the date on which such statement is made. TEAL
undertakes no obligation to publicly update any such statement, to reflect
new information or the occurrence of future events or circumstances.
For further details contact:
Julian Gwillim (VP: Investor Relations and Corporate Development) on
+27 (0) 82 4524 389; or julian@tealmining.com
SPONSOR:
Investec Bank Limited
Date: 25/03/2009 07:47:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
