Date: Tuesday, 20 November 2018
VANCOUVER, Nov. 20, 2018 /CNW/ - Nevsun Resources Ltd. (TSX:NSU) (NYSE AMERICAN: NSU) ("Nevsun" or the "Company") today announced that it has been advised by Zijin Mining Group Co. Ltd. (SH:601899, SEHK:2899) ("Zijin") that Zijin has completed the Chinese State Administration of Foreign Exchange ("SAFE") registration and received the Canadian Investment Canada Act ("ICA") approval for Zijin's proposed friendly takeover bid of Nevsun (the "Offer").
The SAFE registration is the final Chinese regulatory condition and ICA is the final Canadian regulatory condition to the Offer. Both conditions have now been met.
The transaction remains subject to customary closing conditions. The Offer is not subject to any financing conditions. Nevsun will continue to work with Zijin to complete the transaction as scheduled.
As previously disclosed, the Offer is all cash consideration of C$6.00 per Nevsun share. The Nevsun and Zijin circulars are available under Nevsun's profile on SEDAR at www.sedar.com, with the United States Securities and Exchange Commission at www.sec.gov, and on Nevsun's website at www.nevsun.com. Nevsun's Board of Directors continues to recommend that Nevsun shareholders ACCEPT the Zijin Offer by tendering their shares as noted in the Zijin circular.
Advisors
Counsel for Nevsun's Special Committee is Borden Ladner Gervais LLP, and its independent financial advisor is Citi. Counsel for the Company is Blake, Cassels & Graydon LLP and U.S. counsel is Gibson, Dunn & Crutcher LLP. The Company's financial advisor is BMO Capital Markets.
About Nevsun Resources Ltd.
Nevsun Resources Ltd. is the 100% owner of the high-grade copper-gold Timok Upper Zone and 60.4% owner of the Timok Lower Zone in Serbia. The Timok Lower Zone is a joint venture with Freeport-McMoRan Exploration Corporation ("Freeport") which currently owns 39.6% and upon completion of any feasibility study (on the Upper or Lower Zone), Nevsun Resources Ltd. will own 46% and Freeport will own 54%. Nevsun generates cash flow from its 60% owned copper-zinc Bisha Mine in Eritrea.
About Zijin Mining Group Co. Ltd.
