Glaubst du oder nicht, ich war gerade dabei WITM anzuschauen, als ich deinen Thread dazu gesehn habe *ggg*
Ich stell erstmal die News rein ;)
Wits Basin Updates Current Developments Related to Merger Progress and Acquisition of China Mining Properties
Tuesday February 20, 7:13 am ET
MINNEAPOLIS--(BUSINESS WIRE)--Wits Basin Precious Minerals Inc. (OTCBB:WITM - News) is pleased to bring current information to our shareholders relating to the planned merger with Easyknit and potential acquisition of existing cash flow properties in the People's Republic of China ("PRC").
The Planned Merger
In its February 5, 2007 press release, the Company announced its intention to merge with Easyknit Enterprises Holdings Limited pursuant to an exchange of stock. That exchange contemplates granting 21 shares of Easyknit stock for each share of Wits Basin. The actual value of the Easyknit stock to be received by the Wits Basin shareholders will depend upon the Easyknit stock price at the time of closing, as well as the US-Hong Kong dollar exchange rate at that time. The values calculated in the example below assume the Hong Kong market and Easyknit shares remain in their respective values. However, as an example, if the closing had occurred on February 16, 2007, the value could be calculated as follows:
Easyknit shares 21
Easyknit closing price on Hong Kong Stock Exchange on
February 16, 2007(a) x HK$2.170
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Total value = HK$45.57
Hong Kong/US conversion rate on February 16, 2007(b) / 7.8124
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Price per share of Wits Basin Precious Minerals Inc. in US
Dollars = US$5.83
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(a) www.bloomberg.com (b) www.x-rates.com
Certain Board Members and representatives of management are now planning a return trip to Hong Kong in March, which they believe will allow for the finalization and execution of the definitive documents. Out of respect for the Chinese New Year, the planned date of execution of the definitive documents is now expected to be on or before March 31, 2007.
Company management is currently working with the depository trustee to commence meeting the requirements of the ADR program. The ADR program will enable our North American shareholders to have a North American exchange available to them to buy and sell their respective shares after completion of the merger. The Company intends to implement the ADR Program in conjunction with the merger.
The Planned Acquisition of PRC Mining Properties
The proposed joint venture with SSC Mandarin Financial Services Ltd (SSC) announced on February 7, 2007, is expected to yield qualified prospects in various PRC mining properties and exploration opportunities including gold, zinc, nickel, iron ore, and bauxite. SSC has taken the members of the Board of Directors and management on site visits to the PRC to review potential candidates for acquisition. Wits Basin Chairman Vance White released the following statement regarding these potential acquisitions:
"Our Company is very grateful for the opportunity to form a joint venture with SSC. Their significant ground work, efforts and relationships in the local PRC markets over the last five or six years helps create an environment where we expect to find some very attractive mining properties in the PRC to acquire. To date, we have investigated at least five projects that appear to meet our criteria, including mining properties that are in production and have positive cash flow. We are starting to carry out in-depth due diligence on these projects."
The SSC and Wits Basin joint venture is not conditional on the merger of Easyknit Enterprises Holdings Limited nor is the merger dependent on the joint venture.
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