Glengarry Resources Limited ("Glengarry") (ASX Code: GGY) is pleased to advise that it has now received acceptances under its takeover bid for all the ordinary shares in Centaurus Resources Limited ("Centaurus")  (ASX Code: CUR) (" Share Offer") with respect to 90.13% of the issued shares in Centaurus.

The achievement of the 90% acceptance level fulfils the last key remaining condition of the Share Offer as announced on 3 December 2009, and the Share Offer has now been declared unconditional.

Glengarry Managing Director, Darren Gordon, said that the response to date from both Centaurus and Glengarry shareholders to the merger proposal has been excellent and is an overwhelming endorsement of the future prospects of the merged company,” 

“We believe that the combination of Glengarry and Centaurus will deliver outstanding value for shareholders, with the merged company having an excellent mix of extensive iron ore experience at both a Board and management level, significant Brazilian iron ore assets and cash reserves in the order of $9.1 million to progress the projects.” 

“I look forward to a strong future for the new merged company, as we progress our plans to build a significant Brazilian iron ore business.” 

With the Share Offer now unconditional, all Centaurus shareholders who have accepted the Share Offer will receive their resulting Glengarry shares within ten (10) days.  The Share Offer will remain open until the now final closing date of 29 January 2010, allowing Centaurus shareholders who have not accepted time to complete their acceptance.  

Glengarry will not further extend the Share Offer closing date.  Following the close of the Share Offer on 29 January 2010, Glengarry intends to immediately commence compulsory acquisition of the remaining outstanding shares in Centaurus.  Centaurus shareholders who have their shares compulsorily acquired will receive the same consideration as they would have if they had accepted the Share Offer, however the Glengarry shares will be issued at a later time to such Centaurus shareholders than if they accepted the Share Offer.  As such, Centaurus shareholders who have not yet accepted the Share Offer are urged to do so prior to 29 January 2010 to avoid these delays.  

Option Offer

As the Share Offer is now unconditional, the takeover bid by Glengarry for all the bid options in Centaurus ("Option Offer") is also now unconditional.  The final closing date for the Option Offer is also 29 January 2010 and will not be extended.  If Glengarry acquires voting power in Centaurus of at least 90% and acquires at least 90% by value of all Centaurus securities that are either shares or convertible into shares, Glengarry will be able to compulsorily acquire all remaining Centaurus bid options.