BURNABY, BC, June 30, 2014 /CNW/ - Welichem Biotech Inc. (the "Company") (TSX-V: WBI) has become aware through the issuance of a news release by LR Resources Co., Ltd. (the "Offeror") that the Offeror has completed its acquisition of an aggregate of 53,816,249 common shares (the "Shares") of the Company that were deposited and tendered pursuant to the takeover bid (the "Offer") previously announced by the Offeror.

Pursuant to the Offer, the Offeror has acquired the 53,816,249 Shares of Welichem under the Offer at a price of $0.15 per Share.  Following the completion of the Offer, the Offeror holds an aggregate of 55,961,924 Shares, which represents approximately 94.1% of the issued and outstanding common shares of Welichem.

The Offeror has announced its intention to exercise its right to acquire all of the remaining common shares of Welichem not tendered under the Offer (the "Compulsory Acquisition") in accordance with the Business Corporations Act (British Columbia).  The Company does not have further details at this time with respect to the Compulsory Acquisition or the Offeror's intentions generally, but the Company will announce further details as required with respect to the Offeror's plans for the Company when they are available.  Trading in the Shares on the TSX Venture Exchange has been halted and the Shares are expected to be de-listed in due course.

About Welichem Biotech Inc.

Welichem Biotech Inc. is a publicly-traded biotechnology company developing therapeutic drugs in the fields of autoimmune diseases and cancer. For a more complete business and financial profile of the Company, interested parties are encouraged to visit the Company's website, www.welichem.com.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. In particular, this document contains forward-looking information and statements regarding the Offer and the Special Committee's review of available information relating to same.

These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control, including further actions or announcements of the offeror, changes in laws and regulations, stock market volatility and obtaining required approvals of regulatory authorities. Readers should not place undue reliance on forward-looking statements.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein.  Except as required by law, we do not expect to update forward-looking statements and information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Welichem Biotech Inc.

Copyright 2014 Canada NewsWire

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