Resource Wrap: 30 November 2009 – PMH, BAU, ENE
November 29, 2009
PacMag Metals Limited (PMH) and Canadian listed copper and gold miner Entrée Gold Inc announced an agreement whereby Entrée would acquire all of the issued shares and options of PacMag. Under the agreement Entrée would offer PacMag shareholders approximately one Entrée share and Australian 4.3 cents for each 9.83 PacMag shares they hold on the record date. The companies said the transaction values PacMag at approximately $50 million, or 33c per share.
Bauxite Resources Limited (BAU) announced that that Yankuang Corporation has been granted FIRB approval to subscribe for 19.7 million shares in Bauxite and also for joint ownership with Bauxite of a proposed Alumina Refinery in the Southwest of Western Australia. The company is still negotiating the final terms of a binding heads of agreement for the development and ownership of the proposed Alumina Refinery. In late October Bauxite shareholders approved the placement of the shares.
Energy Developments Limited (ENE) said Greenspark Energy Holdings have offered $2.75 in cash for all the outstanding shares of ENE, valuing the company’s equity at $431 million. The offer represents a 15% premium to the volume weighted average price of ENE shares of $2.39 for the month to 27 November 2009. Energy Developments said conditions include a 50.1% minimum acceptance condition. The company added that institutional shareholders representing 22.4% of shares have indicated their intention to accept the offer.
Bauxite Resources Limited (BAU) announced that that Yankuang Corporation has been granted FIRB approval to subscribe for 19.7 million shares in Bauxite and also for joint ownership with Bauxite of a proposed Alumina Refinery in the Southwest of Western Australia. The company is still negotiating the final terms of a binding heads of agreement for the development and ownership of the proposed Alumina Refinery. In late October Bauxite shareholders approved the placement of the shares.
Energy Developments Limited (ENE) said Greenspark Energy Holdings have offered $2.75 in cash for all the outstanding shares of ENE, valuing the company’s equity at $431 million. The offer represents a 15% premium to the volume weighted average price of ENE shares of $2.39 for the month to 27 November 2009. Energy Developments said conditions include a 50.1% minimum acceptance condition. The company added that institutional shareholders representing 22.4% of shares have indicated their intention to accept the offer.
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