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Polaris Metals Reports Outcome of ASIC Relief Application and Lion's Intention to Increase Offer
Monday November 23, 2009, 7:42 pm

Original Announcement: ASIC Relief application outcome/intention to increase offer

Polaris Metals reported Lion-Asia Resources announced that ASIC has refused to grant relief in respect of Lion's application to waive the 50.1% minimum acceptance condition in respect of Lion's offer to acquire all of the shares in Polaris Metals. Lion also announced its intention to increase its offer for Polaris Metals shares to $0.74 cash, irrespective of the outcome of the application before the Takeovers Panel.

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