Lakeside Steel extends negotiation period with their potential buyer

Monday, 23 January 2012 01:59:43 (GMT+2)

Welland, Ontario-based Lakeside Steel Inc. announced Friday that the extended period in which the company has agreed to negotiate exclusively with the potential purchaser regarding the acquisition has been extended until 9:00 a.m. on Monday, January 23, 2012 in order to allow the parties to finalize definitive transaction agreements.

Since the previous announcement by the company, the potential purchaser has completed all material due diligence inquiries. The proposed acquisition remains subject to certain conditions including the execution of a definitive transaction agreement between the company and the purchaser as well as the execution of support agreements with directors of the company and certain significant shareholders. There is no assurance that definitive transaction agreements will be executed by the parties or that the proposed acquisition will be carried out.

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