WATERDOWN, ON and COEUR D'ALENE, ID, Aug. 29, 2012 /CNW/ - Opta Minerals Inc. ("Opta Minerals") (TSX: OPM) and WGI Heavy Minerals, Incorporated ("WGI") (TSX: WG) jointly announced today that as of as of 5:00 p.m. ( Toronto time) on August 29, 2012, 22,281,816 common shares of WGI, representing approximately 94.0% of the issued and outstanding common shares of WGI on a fully-diluted basis, had been validly deposited to the offer by Opta Minerals to acquire all of the outstanding common shares of WGI for C$0.60 cash per share (the "Offer"). Opta Minerals has determined that all of the conditions to the Offer have been satisfied and Opta Minerals has taken up all such deposited shares and will pay for all such shares on or prior to September 4, 2012.
As the Offer was accepted by holders of more than 90% of the issued and outstanding WGI common shares, Opta Minerals intends to exercise its rights under the compulsory acquisition provisions of the Business Corporations Act ( British Columbia) to acquire all of the outstanding WGI common shares not tendered to the Offer. Opta Minerals intends to mail a notice of compulsory acquisition to all remaining holders of WGI common shares shortly.
Upon completion of the compulsory acquisition, Opta Minerals intends to take the necessary steps to delist the WGI common shares from the Toronto Stock Exchange and to apply to have WGI cease to be a reporting issuer in all applicable Canadian jurisdictions.
About Opta MineralsOpta Minerals is a vertically integrated provider of custom process optimization solutions and related materials for use primarily in the steel, foundry, loose abrasive cleaning and municipal water filtration industries. The company currently has production and distribution facilities in Ontario, Québec, Saskatchewan, Louisiana, South Carolina, Virginia, Maryland, Indiana, Michigan, New York, Texas, Florida, Ohio, Kosice, Slovakia, and Romans-sur-Isère, France and has one of the broadest product lines in the industry. About WGI Heavy Minerals The principal business of WGI is the processing and sale of industrial abrasive minerals and the sourcing, assembly and sale of ultra-high pressure waterjet cutting machine replacement parts and components. The company, through its subsidiaries, markets and sells abrasive products and services and waterjet replacement parts globally.