ALLRF/ AAA - news..Allana Resources Considering Multiple Unsolicited Offers for Its Ethiopian Potash Project
Farhad Abasov, Allana's President and CEO, stated, "Allana is pleased to receive additional offers for its significant potash project in Ethiopia. There are currently a number of attractive proposals available to the Company, including the initially contemplated transaction with ChinaCo. Allana will evaluate each one and will pursue the proposal that maximizes shareholder value and is in the best interest of the Company."
TORONTO, ONTARIO--(Marketwire - Oct. 28, 2009) - Allana Resources Inc. (TSX VENTURE:AAA - News; "Allana" or the "Company"), is pleased to announce that it has received multiple unsolicited offers from various strategic counterparties (the "Other Offers") to participate in its potash project located in the Danakil Depression in northeastern Ethiopia (the "Project"). Allana's management is currently evaluating the Other Offers, all of which include terms and conditions which are presently believed by management to be more attractive than the previously announced memorandum of understanding ("MOU") with ChinaCo (See Allana News Release dated July 20, 2009). In light of its receipt of the Other Offers, Allana will assess the Other Offers relative to the MOU. Following that assessment, Allana will pursue the transaction for the Project that it believes offers the greatest value to Allana's shareholders and is in the best interest of the Company. Allana management firmly believes the Project represents a significant, unique potash asset and that the Other Offers are a testament to the scale, quality, value and scarcity of the Project.
Farhad Abasov, Allana's President and CEO, stated, "Allana is pleased to receive additional offers for its significant potash project in Ethiopia. There are currently a number of attractive proposals available to the Company, including the initially contemplated transaction with ChinaCo. Allana will evaluate each one and will pursue the proposal that maximizes shareholder value and is in the best interest of the Company."
About Allana Resources Inc.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia with 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl (see Allana News Release Sept. 17, 2008). Allana has approximately 80.5 million shares outstanding and trades on the TSX-Venture Exchange under the symbol "AAA".
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