VANCOUVER - WESTERN KELTIC investors had pledged approximately 70.5 million shares or 86.5% of the company's issued and outstanding common shares to SHERWOOD COPPER by the close of business Feb. 11. Sherwood extended the deadline until Feb. 21 so that the remaining Western Keltic shares could be tendered.
On Dec. 24, 2007, Sherwood made a takeover bid for Western Keltic, which owns the Kutcho copper-zinc deposit near Dease Lake, BC. Western Keltic shareholders will received 0.08 of a Sherwood share for each Western Keltic share they tender. The offer equates to about $0.47 per Western Keltic share, an amount 53% above Western Keltic's closing price on Nov. 23, 2007.
Western Keltic's Kutcho project could begin production in 2010. Average annual metal production in the first five years would be 76 million lb of copper, 94 million lb of zinc, 754,000 oz of silver and 7,800 oz of gold. See www.WesternKeltic.com for more information.