Metallica Minerals Limited (ASX:MLM) Announces No Further Extensions Of Its Queensland Ores Limited (ASX:QOL) Takeover Offer

Metallica Minerals Limited (ASX:MLM) today announced that it will not extend its offmarket takeover offer for all of the shares in Queensland Ores Limited (QOL) past its current closing date.

Metallica notes that QOL has recently announced a proposed 1 for 1 rights issue at an offer price of 0.9 cents per share to raise up to A$1.98 million (QOL Rights Issue).

Metallica confirms it will support the QOL Rights Issue as part of its commitment to providing A$1 million in funding to QOL on the basis set out in the QOL announcement, if Metallica secures acceptances for at least 40% of QOL BY 7:00PM, TUESDAY 19 MAY 2009, and Metallica's offer closes successfully.

As at 9.00am on 18 May 2009, Metallica had acceptances for 32.03% of QOL shares.

There will be no further extensions of Metallica's offer.

Metallica encourages QOL shareholders to act without delay and ACCEPT Metallica's offer.

About Metallica Minerals Limited

Metallica Minerals Limited (Metallica) (ASX:MLM) was incorporated in 1997 by Founding and Managing Director Andrew Gillies. Metallica was established with the primary objective of creating opportunity and wealth for its shareholders through the evaluation and development of mineral projects in Queensland. Metallica was listed on the Australian Stock Exchange November 2004 (ASX:MLM). Metallica's focus and flagship project is its North Queensland Nickel Cobalt (NORNICO)

 

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