Curis shareholders vote overwhelmingly in favour of Taseko takeover
TORONTO (miningweekly.com) – Curis Resources shareholders on Monday voted overwhelmingly in favour of base metals miner Taseko Mines’ friendly $78.9-million takeover bid, launched in September.
TSX-listed Curis, which is developing the in-situ copper recovery and solvent extraction and electrowinning Florence copper project, in central Arizona, had previously said the tie-up would ensure access to existing financial resources to ensure the funding and development of the Florence project.
At a special meeting held on Monday in Vancouver, Curis stakeholders supported the deal with more than 99% of votes cast in favour.
Under the definitive arrangement agreement, each Curis shareholder would receive 0.438 of a Taseko common share for each Curis share held, representing a price of $1.055 a Curis share, based on the 20-day volume weighted average price of Taseko for the period ending September 5. Based on about 74.79-million shares outstanding, the deal was valued at around $78.9-million.
After the deal had closed by the end of the month, former Curis shareholders would own about 12% of Taseko.
Taseko’s flagship asset is its 75% stake in the Gibraltar copper/molybdenum mine, which produces about 165-million pounds of copper a year. It also fully owns the New Prosperity gold/copper and Aley niobium projects.
The Florence copper project is an advanced-stage copper development project, which has an estimated 340-million tons of probable mineral reserves, grading 0.358% total copper at a cutoff grade of 0.05% total copper, containing 2.42-billion pounds of copper.
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