New Gold acquires 97.5% of Rainy River’s outstanding shares
TORONTO (miningweekly.com) – TSX- and NYSE-listed New Gold on Friday said 97.5% of all outstanding shares of fellow TSX-listed Rainy River Resources had been tendered to its friendly takeover of the company, triggering a compulsory acquisition of the remaining shares under the British Columbia Business Corporations Act.
The C$3.83-a-share offer represented a premium of 67% to the volume-weighted average price of Rainy River shares on the TSX for the 20 trading days ended May 30, the last trading day before the announcement of New Gold's intention to make the offer was first made.
As at 17:00 EDT on Thursday, about 100.9-million common shares of Rainy River had been validly deposited to New Gold's extended offer. New Gold had taken up and accepted for payment all shares tendered between July 25 and August 8, totalling about 11.7-million shares, and would pay for such shares on Friday.
Shares tendered on or before July 24, were previously taken up and paid for by New Gold.
Rainy River shareholders who tendered their shares between July 25 and August 8, 2013, and who elected the cash option would receive $1.97 in cash and 0.243 New Gold shares for each share tendered and those who elected the share option would receive 0.5 New Gold shares, subject in each case to adjustment for fractional shares and to confirmation of the number of Rainy River shares validly tendered.
Rainy River’s flagship asset is an advanced-exploration-stage gold project, in Ontario, which has a National Instrument 43-101-compliant gold reserve of four-million ounces.
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