Lakeside Steel vor Übername mit gutem Aufschlag

WELLAND, ON, Dec. 20, 2011 /CNW/ - Lakeside Steel Inc. (TSX-V: LS)  ("Lakeside Steel" or the "Company") today announced that it has  executed a non-binding letter of intent with a strategic purchaser  ("Purchaser") regarding an offer to acquire all of the Company's common  shares at $0.40 cash per common share.

The proposed offer is subject to certain conditions including the  completion of due diligence by no later than January 9, 2012, the  execution of a definitive agreement between the Company and the  Purchaser as well as the execution of lock-up agreements with directors  of the Company, Jaguar Financial Corporation and certain other  significant shareholders to support the acquisition.

The definitive agreement will contain provisions customary for a  transaction such as the proposed offer, however, there is no assurance  that a definitive agreement will be executed by the parties or that the  proposed offer will be made to shareholders or on what terms.

The Company has agreed to provide the Purchaser with an exclusivity  period until January 9, 2012, in order to complete due diligence and to  enter into a definitive agreement during which period the Company will  not solicit or respond to competing offers.

In light of the executed letter of intent, the Company has determined to  not proceed at this time with both the $22.5M loan with Romspen  Investment Corporation and the associated $7.5M private placement  financing led by Northern Securities Inc. which was announced by the  Company on November 30, 2011.

The Company anticipates issuing a press release with additional details  on or about January 9, 2012.

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