TORONTO, Aug. 29, 2012 /CNW/ - Yanggu Xiangguang Copper Co. Ltd. ("XGC") announces that it has closed the previously announced transaction with EMED Mining Public Limited (the "EMED") pursuant to which XGC's direct, wholly-owned subsidiary, Hong Kong Xiangguang International Holdings Limited, agreed to subscribe for 32,247,662 ordinary shares in the capital of EMED (the "Subscription") pursuant to the subscription agreement dated July 7, 2012 (the "Subscription Agreement"). The purchase price was ten pence per ordinary share (approximately CDN$ 0.158). XGC acquired beneficial ownership of 32,247,662 ordinary shares of EMED which constitute approximately 3.11% of the outstanding ordinary shares of EMED based on there being 1,004,603,009 ordinary shares of EMED in issue based on the TSX website on August 28, 2012. As a result, XGC has beneficial ownership of 137,626,181 ordinary shares of EMED which constitute approximately 13.27% of the outstanding ordinary shares of EMED.
XGC intends to review its investment in EMED on a continuing basis. Depending on various factors, including, without limitation, EMED's financial position, the price levels of the ordinary shares of EMED, the conditions in the securities markets and general economic and industry conditions, XGC's business or financial condition and other factors and conditions XGC deems appropriate, XGC may in the future take such actions with respect to its investment in EMED as XGC deems appropriate, including, without limitation, making proposals to EMED concerning changes to the capitalization, ownership structure or operations of EMED, acquiring ordinary shares of EMED or selling, transferring to an affiliated party or otherwise disposing of some or all of the ordinary shares of EMED, in each case subject to applicable laws and the terms of the agreements with EMED. In addition, XGC may formulate other purposes, plans or proposals regarding EMED or any of its securities to the extent deemed advisable in light of general investment and trading policies, market conditions or other factors or XGC may change its intention with respect to any and all matters referred to above.
About Yanggu Xiangguang Copper Co. Ltd.
XGC is one of the world's largest Copper smelting, refining and processing group located in Shandong province of China, with a designed smelting capacity of 450,000mt/y Cu from concentrate and refining capacity of 600,000mt/y Copper cathodes. It employs the state-of-art copper smelting technology of double flash smelting and converting. XGC's parent company, GMK Holding Co., Ltd ("GMK"), is a leading privately owned enterprise group in China including significant food production interests.
SOURCE Yanggu Xiangguang Copper Co. Ltd.