MONTREAL, QUEBEC, Apr. 13, 2010 (Marketwire) -- Louvem Mines Inc. (TSX VENTURE:LOV), ("Louvem"), announces that its Board of Directors has established an independent committee comprised of Mr. Gaston Gagnon and Mr. Pierre Barbeau, both independent directors of Louvem, to review and assess the terms of the proposal made by Richmont Mines Inc. ("Richmont") to acquire all of the issued and outstanding shares of Louvem not currently owned by Richmont (the "Transaction"). Under the terms of the Transaction, Louvem shareholders would receive one Richmont share for each 5.4 shares of Louvem held. Richmont holds approximately 70% of the outstanding shares of Louvem and has entered into agreements whereby certain Louvem shareholders, holding approximately 54% of the Louvem shares not already owned by Richmont, have agreed to support the Transaction.
The independent committee has retained the services of Colby, Monet, Delage & Crevier LLP to act as legal advisor, and KPMG LLP to act as financial advisor to the independent committee in connection with the Transaction. KPMG LLP, which is independent from all interested parties, will also provide the independent committee with an opinion as to the fairness of the Transaction for Louvem shareholders (other than Richmont) (the "Minority Shareholders"), from a financial point of view.
In the event that KPMG LLP concludes that the Transaction is fair and that the Board of Louvem approves the Transaction, Louvem will combine its Annual General Meeting with its Special Meeting, during which the shareholders will vote on the Transaction. In order to be approved, the Transaction requires the affirmative vote of the majority of the Minority Shareholders. As a result of the delays involved, the Board of Directors has decided to postpone the previously announced May 20, 2010 annual meeting, and will issue another advisory in due course regarding a new meeting date.
About Louvem Mines Inc.
Louvem has a 50% interest in the Beaufor Mine and owns other exploration properties located near Val-d'Or, in north-western Quebec, Canada. More information on Louvem Mines can be found on its website at: www.louvem.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.