Metallica Minerals Limited (ASX:MLM) Secures 70% of Queensland Ores Ltd (ASX:OUM)

Metallica Minerals Limited (ASX:MLM) (Metallica) is pleased to confirm that Outback Metals Limited (ASX:OUM) has accepted Metallica's Offer for QOL. As at 7.00pm on 26 May 2009, Metallica had received acceptances for 61.95% of the shares in Queensland Ores Limited (QOL), including the shares held by Outback.

Because Metallica's interest in QOL has increased to more than 50% in the last 7 days of its offer, the offer period is automatically extended under the Corporations Act so that it now ends at 7.00pm on 9 June 2009.

A formal notice of the extension of the offer period under section 624(2) of the Corporations Act will be given to QOL and all QOL shareholders who have not yet accepted Metallica's offer by Friday 29 May 2009.

Metallica also today declared its offer free from the 'prescribed occurrences' condition of the offer, meaning that its offer is now unconditional. A notice under section 650F of the Corporations Act is attached to this announcement.

For those QOL shareholders who have accepted the Metallica offer by 7.00pm on 28 May 2009, Metallica will issue to them the offer consideration (1 Metallica share for every 22 QOL shares) and complete Metallica's acquisition of their QOL shares, by 5 June 2009.

For those QOL shareholders who accept the Metallica offer on or after 29 May up to and including the extended offer closing date of 9 June 2009, Metallica intends to issue to them the offer consideration (1 Metallica share for every 22 QOL shares) and complete Metallica's acquisition of their QOL shares, by 16 June 2009.

Metallica urges remaining QOL shareholders to accept its 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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