Northrock Resources Ltd. take-over bid for Corsair Exploration Inc.
Pursuant to the Offer to Purchase for Cash dated May 16, 2002 (the "Offer"), Northrock Resources Ltd. ("Northrock") and Corsair Exploration Inc. ("Corsair", TSXVEN: "CXI") announced that as of 4:00 p.m. today (Calgary time), the Expiry Time, as defined in the Offer, a total of 13.9 million Corsair common shares, representing approximately 98 percent of the total number of Corsair common shares outstanding, have been deposited by Corsair shareholders in acceptance of the Offer.
The Offer provides for the acquisition of all of the issued and outstanding Corsair common shares for a cash consideration of $3.00 per share.
Northrock has confirmed that all of the conditions of the Offer have been satisfied. In accordance with the terms of the Offer, as at the Expiry Time all of the common shares deposited under the Offer and not withdrawn have been taken up and paid for by Northrock.
Northrock intends to exercise its statutory right of compulsory acquisition under Part 16 of the Business Corporations Act (Alberta) to acquire all of the remaining Corsair common shares not deposited under the Offer.
Updated: June 2002