VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 27, 2012) - Sennen Resources Ltd. (TSX VENTURE:SN) (Sennen or the Company) notes Liberty Silver Corp.'s (Liberty) 'Open Letter to Sennen shareholders' (the Letter) issued on July 26th 2012. For clarity, this unsolicited and hostile offer by Liberty was initiated without any prior discussion with Sennen management, and consequently, without providing Sennen any prior opportunity to conduct meaningful due diligence on Liberty. Liberty's stated intention to remove the directors of Sennen and, subject to certain conditions, delist the Company's shares in order to access the Company's treasury contradicts their newly stated desire of "concluding a friendly deal with Sennen". Sennen shareholders are advised that Liberty's offer is a 'hostile' take-over attempt.
Sennen's Board of Directors, as is their fiduciary duty, is conducting, in conjunction with its advisors, a reasoned assessment of the Liberty offer in the interests of the Sennen shareholders. The Special Committee of the Board of Directors convened to review the Liberty offer, which is made up of three independent directors, expects to make its recommendation to Sennen's Board of Directors, who will in turn make its recommendation to shareholders, on or before July 31st 2012. This recommendation will be set out in a news release and contained in a Director's circular that will be mailed to all shareholders. This process, although expensive and time consuming, must be carried out to comply with applicable securities and corporate laws.
Sennen wishes to acknowledge the overwhelming response by way of unsolicited communications from many shareholders both prior and subsequent to the Letter, which to date has been one of unanimous rejection of Liberty's hostile offer for a myriad of corporate and technical reasons. Shareholders are urged to take no action whatsoever until the Board of Directors has made its recommendation.
Sennen has approximately $13.5M in the treasury and no debt. The Company's management and Board of Directors combined have over 125 years of relevant experience in the mining and mineral exploration industry. The Company continues to explore opportunities that are increasingly becoming available to cashed up companies such as Sennen, while dealing effectively with the unsolicited Liberty offer. In the current market environment, Sennen's good track record, experienced management and approach to creating and preserving cash has provided the Company with a significant advantage over most of its peers. The Company is not short of "cash, commitment or talent", and is now in a perfect situation to take advantage of the solvency crisis that many junior exploration companies find themselves in.
Neither the TSX Venture Exchange (the "TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has reviewed, nor do they accept responsibility for the adequacy or accuracy of, this release.