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Transaction/Case Details

WGI Heavy Minerals completes C$15.45 million sale to Opta Minerals

DATE CLOSED

August 29, 2012

BUSINESS SECTOR

Mining & Metals

LEAD OFFICE

Toronto

VALUE

15.45 Million CAD


OVERVIEW

On August 29, 2012, Opta Minerals and WGI Heavy Minerals jointly announced that on August 29, 2012, 22,281,816 common shares of WGI, representing approximately 94% of the issued and outstanding common shares of WGI on a fully diluted basis, had been validly deposited to the offer by Opta Minerals to acquire all of the outstanding common shares of WGI for C$0.60 cash per share. Opta Minerals has determined that all of the conditions to the Offer have been satisfied and Opta Minerals has taken up all such deposited shares and will pay for all such shares on or prior to September 4, 2012.

As the Offer was accepted by holders of more than 90% of the issued and outstanding WGI common shares, Opta Minerals intends to exercise its rights under the compulsory acquisition provisions of the Business Corporations Act (British Columbia) to acquire all of the outstanding WGI common shares not tendered to the Offer. Opta Minerals intends to mail a notice of compulsory acquisition to all remaining holders of WGI common shares shortly.

Upon completion of the compulsory acquisition, Opta Minerals intends to take the necessary steps to delist the WGI common shares from the Toronto Stock Exchange and to apply to have WGI cease to be a reporting issuer in all applicable Canadian jurisdictions.

Opta Minerals is a vertically integrated provider of custom process optimization solutions and related materials for use primarily in the steel, foundry, loose abrasive cleaning and municipal water filtration industries.

WGI, headquartered in Waterdown, Ontario, processes and sells industrial abrasive minerals and the sources, assembles and sells ultra-high pressure waterjet cutting machine replacement parts and components.

McCarthy Tétrault LLP represented WGI Heavy Minerals, as target. The team was led by Ian Michael, and consisted of Waleed Elgohary, Leslie Milroy, James Morand, and Bobby Wang.

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