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HONG KONG, Dec 16, 2009 - (ACN Newswire) - Sino Gold Mining Limited ("Sino Gold", and its subsidiaries, collectively the "Group"; stock code: SEHK: 1862, ASX: SGX), the leading foreign gold company in the PRC, announces the implementation yesterday evening (Sydney time) of its schemes of arrangement with Sino Gold securityholders. Upon the implementation, the Group to delist from Australia Stock Exchange ("ASX") and Hong Kong Stock Exchange ("SEHK") effective today.
In connection with implementation, all Sino Gold shares were transferred to Eldorado Pacific Pty Limited, a wholly owned subsidiary of Eldorado Gold Corporation ("Eldorado"), while all Sino Gold options were cancelled. Eldorado shares were issued to other Sino Gold securityholders who had elected to receive Eldorado shares, and Eldorado CDIs were issued to all other Sino Gold securityholders.
New Eldorado shares will commence trading on TSX (stock code: ELD) and NYSE (stock code: EGO) on 15 December and Eldorado CDIs will commence trading on ASX (stock code: EAU) on normal settlement basis today.
Mr Jim Askew, Chairman of Sino Gold, commented, "Eldorado becomes the only international gold company currently operating in China. Together with its gold projects in Brazil, Greece, Turkey and the surrounding regions, Eldorado is targeted to grow to a pro forma target of 850,000 ounces from six mines in 2011, bringing forth long-term and sustainable profit growth.
Mr Askew concluded, "On behalf of the Board, I acknowledge with a deep sense of gratitude the strong support and hard work by my fellow Board members, management team, staff and shareholders. It has been my pleasure to lead a team of professionals with long and successful experience in the many disciplines that have made Sino Gold a great success. We strongly believe that Eldorado will now be a premier international gold company with an enviable growth pipeline of low-cost gold mines."
Contact:
Quam IR, Quam (H.K.) Limited
Ms. Anita Wan
Tel: (852) 2217-2687
Email: anita.wan@quamgroup.com
Ms. Sharon Au
Tel: (852) 2217-2680
Email: sharon.au@quamgroup.com
Topic: Press release summary
Source: Sino Gold Mining Limited
Sectors: Metals & Mining, Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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