TORONTO, July 10, 2012 /CNW/ - Yanggu Xiangguang Copper Co. Ltd. ("XGC") entered into a subscription agreement on July 7, 2012 (the "Subscription Agreement") with EMED Mining Public Limited (the "EMED") pursuant to which, and subject to the terms and conditions thereof, 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"). The purchase price for the Subscription was negotiated based on an agreed upon share price of £0.10 (or approximately CDN$0.158) per ordinary share. Based on the information set forth above, as a result of entering into the Subscription Agreement, XGC may, for the purposes of applicable Canadian securities laws, be considered to have acquired beneficial ownership of 32,247,662 ordinary shares of EMED which constitute approximately 3.21% of the outstanding ordinary shares of EMED based on there being 972,355,347 ordinary shares of EMED in issue as of 7 July, 2012. As a result, XGC would have beneficial ownership of 137,626,181 ordinary shares of EMED which constitute approximately 13.7% 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.