New Island receives unsolicited takeover bid from Anaconda Mining

Staff ~ The Telegram
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New Island Resources Inc. reports that on June 11, Anaconda Mining Inc. announced it has commenced an unsolicited offer to acquire all of the outstanding shares in New Island in consideration for one share of Anaconda for each three shares in New Island.
In a news release it states that New Island has retained Cox and Palmer as legal advisors and is in the process of retaining financial advisors in connection with the offer.
The board, together with its financial advisors and legal advisors, will review the full terms of the offer and, following that review, the board will make a recommendation that is in the best interests of shareholders.
New Island Resources Inc. is a diversified junior exploration company holding gold and base metal properties in Newfoundland and Labrador.

Organizations: Anaconda Mining Inc., New Island Resources Inc.

Geographic location: New Island, Newfoundland and Labrador

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