VANCOUVER — Hillsborough Resources, owner and operator of several coal mines including Quinsam mine on Vancouver Island, and Vitol Anker International have signed the definitive agreement that allows Vitol to acquire all of Hillsborough's common shares and 10% convertible debentures. Vitol has agreed to pay a cash consideration of $0.50 per Hillsborough share. Vitol calls itself an oil conglomerate and maintains offices around the world, including Calgary.
The takeover was first proposed in July 2009 at a price of $0.45 per Hillsborough share. Completion of the agreement is subject to the customary conditions.
In other news, Hillsborough has sold its Bingay Creek metallurgical coal property near Elkford, BC, to Centermount Coal, a subsidiary of Vancouver-based Centerpoint Resources, for $5.9 million. Hillsborough intends to concentrate on its Peace River coal project in northeast British Columbia.
Hillsborough's website is located at www.HillsboroughResources.com.