Bid now scheduled to expire at 5:00 p.m. (Toronto time) on May 25, 2010
– By Linton Levy –
CNNC Overseas Uranium Holding Ltd. ("Offeror") and Khan Resources Inc. ("Khan") (TSX: KRI) jointly announced today that the Offeror has extended its offer to acquire all of the outstanding common shares of Khan at C$0.96 in cash per share (the "Offer"). The notice of extension being sent to Khan shareholders amends the Offer dated February 25, 2010 to extend the expiry date from 5:00 p.m. (Toronto time) on April 6, 2010 to 5:00 p.m. (Toronto time) on May 25, 2010.
The Offer is conditional upon, among other things, the Offeror having obtained all required approvals from the Government of China or any regulatory authority in China that are necessary to complete the Offer. The Offeror has informed Khan that it is extending the Offer as it is awaiting approval of the Offer from the Chinese government. Shareholders who have validly deposited their common shares need not take any further action to accept the Offer. Shareholders who have not yet tendered their shares now have an extended period of time to do so in order to have their shares acquired under the Offer.
A notice announcing the extension of the Offer will be mailed to the registered holders of Khan common shares promptly after the date hereof. The notice will also be available for review on SEDAR at www.sedar.com.
Khan Resources Inc. (TSX: KRI) is a Canadian company engaged in the acquisition, exploration and development of uranium properties. Its current activities are focused on the Dornod area in northeastern Mongolia, the site of a former Russian open-pit uranium mine. Khan holds interests in the Main Dornod Property and in the Additional Dornod Property. The Company's website is www.khanresources.com.
CNNC Overseas Uranium Holding Ltd. (a wholly-owned branch of China Uranium Corporation Ltd.) is incorporated in Hong Kong and is an indirect wholly-owned private subsidiary of China National Nuclear Corporation, China's leading uranium development and nuclear fuel company.