Cape Lambert extends offer for DMC

Cape Lambert Resources has announced it has secured a 60 per cent stake in DMC Mining and has extended its takeover offer for the company.

Under the Corporations Act Cape Lambert can extend the offer for 14 days until 8 July 2010.

Cape Lambert and Chinese company Meijin Energy have been locked in a bidding war for DMC Mining.

Meijin abandoned its takeover plans this week after the directors of DMC agreed to sell their shares to Cape Lambert.

See full company statement below

As at the date of this announcement Cape Lambert Resources Limited (Cape Lambert) (ASX:CFE) has a relevant interest in 60.23% of DMC Mining Shares pursuant to its offer for all of the fully paid ordinary shares in DMC Mining (Offer).

The Offer was due to close at 5.00pm (WST) on 25 June 2010.

As Cape Lambert's voting power in DMC Mining has increased to above 50% in the last 7 days of the Offer, by operation of Section 624(2) of the Corporations Act, the offer period has been automatically extended for a period of 14 days.

Accordingly, the Offer now ends at 5.00pm (WST/Perth time) on 8 July 2010 (unless further extended).

Cape Lambert will be releasing as soon as is practicable:
(a) a formal Notice of Variation of Takeover Offer.
(b) a Fourth Supplementary Bidder's Statement relating to the above changes to its Offer.