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Attention Business Editors
Marathon is Successful in Bid for Discovery PGM Corporation and Extends Offer
TORONTO, May 13 /CNW/ - Marathon PGM Corporation ("Marathon" or "the
Company") is pleased to announce that all conditions of the offer (the
"Offer") dated April 7, 2008 to acquire all of the issued and outstanding
common shares (the "Discovery Shares") of Discovery PGM Exploration Ltd.,
(PTD:TSX.V)("Discovery") have been satisfied. An aggregate of
26,787,044 Discovery Shares, which represents approximately 88.79% of the
issued and outstanding Discovery Shares on a fully-diluted basis, were validly
tendered by the Offer deadline.
Marathon has also announced that it has given notice to the depositary to
take up all Discovery Shares tendered under the Offer and to extend the expiry
time of the Offer until 5:00 p.m. (Toronto time) on May 28, 2008. Marathon
will pay for the Discovery Shares deposited pursuant to the Offer to date on
the basis of 0.0794 of a Marathon common share for every Discovery Share by
Friday, May 16, 2008.
Any Discovery shareholder that is (i) a U.S. Person (as such term is
defined in Regulation S under the United States Securities Act of 1933, as
amended) or (ii) holds Discovery shares on behalf of a U.S. or (iii) a
shareholder resident in a jurisdiction in which Marathon shares may not be
lawfully delivered will receive the cash proceeds from the sale of the
Marathon shares that would have otherwise been distributed to them.
Discovery shareholders are encouraged to tender their Discovery Shares to
the extended Offer, as the Discovery Shares will be delisted from trading on
the TSX Venture Exchange after June 12, 2008.
If less than an aggregate of 90% of the Discovery Shares have been
deposited to the Offer prior to the extended expiry time, Marathon may further
extend the Offer or implement other procedures to complete its acquisition of
all of the Discovery Shares.
Questions and requests for assistance may be directed to the information
agent, The Laurel Hill Advisory Group toll free at 866-883-6101.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Except for
statements of historical fact relating to the Company, certain information
contained herein constitutes "forward-looking statements". Forward-looking
statements are frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made and are subject to a variety of
risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking
statements. These risks and uncertainties include but are not limited to those
identified and reported in Management's Discussion and Analysis for the year
ended December 31, 2007. Circumstances or management's estimates or opinions
could change, and management disclaims any obligation to revise or update
forward-looking statements, whether for new information, future events or
otherwise. The reader is cautioned not to place undue reliance on
forward-looking statements.
On Behalf of Marathon PGM:
"Phillip C. Walford"
Phillip C. Walford, P.Geo.
President, Chief Executive Officer
gen@marathonpgm.com
Tel: +1.416.987.0711
-30-
/For further information: David Leng, P.Geo.: dleng@marathonpgm.com, Tel:
(905) 537-5377, Fax: (416) 861-1925/
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