TORONTO, ONTARIO--(Marketwire - Aug. 21, 2012) - Liberty Silver Corp. (LSL.TO)(LBSV) announced today that it is extending its offer for all the issued and outstanding common shares of Sennen Resources Ltd. until 9 p.m. Toronto time on Monday, September 10, 2012. <\/p>\n
\"We remain confident that tendering to our offer represents the best value for Sennen shareholders rather than maintaining Sennen's status quo\", Geoff Browne, Liberty Silver's chairman and chief executive officer said. \"Sennen's board formed a special committee and hired financial and legal advisers more than a month ago to examine our offer. The special committee has yet to come up with a superior - or indeed, any - alternative proposal.\" <\/p>\n
Under Liberty Silver's offer, Sennen shareholders will receive 0.28 of a Liberty Silver common share for each Sennen common share. The exchange ratio, at the time the offer was made, represented an implied price of $0.20 per Sennen share. <\/p>\n
The offer represents a premium of 47.3% to the 20-day volume weighted average trading price ended July 13, 2012, being $0.135. This is also higher than the 34.8% average take-over bid premium paid for mining companies listed on the Toronto Stock Exchange and TSX Venture Exchange over the past 12 months. The offer is valued at approximately $13.36 million, an amount that is expected to exceed Sennen's net cash reserves when the proposed transaction closes. <\/p>\n
Mr. Browne added: \"The combination of Sennen's cash resources and Liberty Silver's skilled management team and prudent risk-mitigation strategy will enable us to advance the Trinity Silver project, as well as identify other low-risk opportunities to the benefit of shareholders of both our companies. <\/p>\n
\"With the recent acquisition of the Hi Ho properties, we have met yet another milestone. As promised, we have added significant upside to our established resource, moved very close to fulfilling our earn-in requirements, and further de-risked the project. We are now planning the best path towards re-starting production.\" <\/p>\n
Other benefits of Liberty Silver's offer include: <\/p>\n
Setting the Record Straight <\/p>\n
Liberty Silver also wishes to correct misleading allegations contained in a press release issued by Sennen on August 20, 2012. <\/p>\n
\"Our directors have significant skin in the game, a clear indication of their confidence in Liberty Silver's business strategy and in Trinity Silver's bright prospects\", Mr. Browne said. <\/p>\n<\/p>\n
Read more: <\/p>\n
Liberty Silver Extends Offer for Sennen Resources<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" TORONTO, ONTARIO--(Marketwire - Aug. Continue reading