Louvem Mines Announces Formation of Independent Committee, Appointment of Financial Advisor and Postponement of Annual Meeting
14 April 2010 - 6:43AM
Marketwired
Louvem Mines Inc. (TSX VENTURE: LOV), ("Louvem"), announces that
its Board of Directors has established an independent committee
comprised of Mr. Gaston Gagnon and Mr. Pierre Barbeau, both
independent directors of Louvem, to review and assess the terms of
the proposal made by Richmont Mines Inc. ("Richmont") to acquire
all of the issued and outstanding shares of Louvem not currently
owned by Richmont (the "Transaction"). Under the terms of the
Transaction, Louvem shareholders would receive one Richmont share
for each 5.4 shares of Louvem held. Richmont holds approximately
70% of the outstanding shares of Louvem and has entered into
agreements whereby certain Louvem shareholders, holding
approximately 54% of the Louvem shares not already owned by
Richmont, have agreed to support the Transaction.
The independent committee has retained the services of Colby,
Monet, Delage & Crevier LLP to act as legal advisor, and KPMG
LLP to act as financial advisor to the independent committee in
connection with the Transaction. KPMG LLP, which is independent
from all interested parties, will also provide the independent
committee with an opinion as to the fairness of the Transaction for
Louvem shareholders (other than Richmont) (the "Minority
Shareholders"), from a financial point of view.
In the event that KPMG LLP concludes that the Transaction is
fair and that the Board of Louvem approves the Transaction, Louvem
will combine its Annual General Meeting with its Special Meeting,
during which the shareholders will vote on the Transaction. In
order to be approved, the Transaction requires the affirmative vote
of the majority of the Minority Shareholders. As a result of the
delays involved, the Board of Directors has decided to postpone the
previously announced May 20, 2010 annual meeting, and will issue
another advisory in due course regarding a new meeting date.
About Louvem Mines Inc.
Louvem has a 50% interest in the Beaufor Mine and owns other
exploration properties located near Val-d'Or, in north-western
Quebec, Canada. More information on Louvem Mines can be found on
its website at: www.louvem.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Jennifer Aitken Investor Relations 514-397-1448
514-397-8620 (FAX) www.louvem.com
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