Feb 1 2011
SACRE-COEUR MINERALS, LTD. today announced that it has granted a two week extension for completion of due diligence regarding the proposed acquisition of Sacre-Coeur by NORD GOLD N.V., formerly named SEVERSTAL GOLD N.V. and SEVERSTAL GOLD LLC, affiliates of OAO Severstal (LSE: SVST; RT: CHMF), in accordance with the binding agreement among the parties dated September 21, 2010, as referred to in their joint press release of September 22, 2010.
Due diligence is still proceeding, together with the preparation of the required documentation and other steps preparatory to closing the Transaction, which is subject to the successful completion of due diligence, court approval, securityholder approval and satisfaction of customary closing conditions.
Pursuant to a second amendment to the Agreement dated January 28, 2011, Sacre-Coeur has agreed to grant the Purchaser and Severstal Gold a further two weeks to complete their due diligence review of Sacre-Coeur, now to be complete by February 14, 2011 and the parties have now agreed to use their best efforts to complete the Transaction by April 15, 2011, which date may be extended to no later than June 30, 2011 if the parties are prevented from closing the Transaction by reason of any court proceeding or in certain other circumstances. A further update will be provided at such time as new dates for the special meeting of the securityholders of Sacre-Coeur and closing have been set.
Source: SACRE-COEUR MINERALS, LTD.