Taurus finds favour of Heemskirk directors
PERTH (miningweekly.com) – The directors of ASX-listed junior Heemskirk Consolidated have advised shareholders to accept a takeover offer from Taurus Resources No 2 BC.
Taurus in December offered Heemskirk shareholders either 7.5c in cash or one of its own shares for every Heemskirk share on offer.
Taurus made the offer on behalf of its subsidiary Northern Silica Corporation, a new private limited company in Canada.
Heemskirk said on Monday that the cash alternative offered a premium to Heemskirk’s share price prior to the December announcement, and provided shareholders certainty of value.
The offer would also crystalise value for the Stage 1 development of the Moberly silica project, in Canada, with Taurus also offering a bridging facility of up to C$10-million to fund project commissioning, early production and for the start of Stage 2 studies.
The facility will have a maturity date of March 31, and an interest rate of 12.5% a year on drawn funds, to be repaid in shares.
The bridge facility will be available for drawdown once the offer has been declared free of all conditions.
Heemskirk said on Monday that the company has now appointed an independent expert to assess the offer.
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