RNS Number : 1048X
07 August 2009
Severstal intends to close its final cash offer for High River Gold at 11:59 p.m (Toronto time) on August 10, 2009
Lybica Holding B.V. ('Lybica'), an affiliate of ZAO Severstal Resources ('Severstal'), the mining division of OAO Severstal, announced today that it intends to close its final offer (the Offer') for all of the issued and outstanding common shares (the 'Common Shares') of High River Gold Mines Ltd. ('High River') (excluding the Common Shares currently controlled by Severstal) at 11:59 p.m. on August 10, 2009, as previously announced, and will take up all Common Shares tendered.
Upon expiration of the Offer, Severstal intends to seek to restructure the loans between Severstal and High River which remain in default with a view to retirement of the loans and will review operational options for High River.
Alexei Kulichenko, Chief Financial Officer of OAO Severstal, commented: 'As previously announced, this represents our best and final offer which we think provides High River shareholders with attractive cash value for their shares. This view has been supported by a number of independent research analysts from such reputable firms as CIBC, Cormark Securities and Scotia Capital, and we believe High River shareholders should take advantage of the last opportunity to tender their shares.'
Morgan Stanley & Company Limited and Torys LLP are acting as the financial and legal advisors to Severstal on this transaction.
Press Secretary, Severstal Resources
+7 495 9810910 ext. 6648
+44 (0) 20 7425 4669
+44 (0) 20 7425 4361
Senior Vice President
Fleishman-Hillard Canada Inc. for Severstal
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