New Gold gets 86.2% of Rainy River’s outstanding shares, extends offer
TORONTO (miningweekly.com) – Vancouver-based New Gold has received 86.2% of TSX-listed Rainy River Resources’ outstanding shares in its takeover offer of the junior firm, whose flagship asset is the significant Rainy River gold project, in north-western Ontario.
The companies jointly said that as at 17:00 Eastern Daylight Time on Wednesday, 89.2-million common shares of Rainy River had been validly deposited to New Gold's offer, which it had taken up and accepted for payment on or before July 29.
Rainy River shareholders who chose the cash option would receive C$2.47 in cash and 0.178 New Gold shares for each share tendered and those who elected the share option would receive 0.5 New Gold shares.
"We are very pleased that the Rainy River shareholders have overwhelmingly supported our offer and we welcome them as New Gold shareholders. The acquisition of Rainy River further enhances our portfolio through the addition of another exciting gold growth project in Canada. We look forward to continuing our work with the Rainy River team to integrate the project into our pipeline,” New Gold executive chairperson Randall Oliphant said.
New Gold said it had extended its offer until 17:00 on August 8, in order to allow Rainy River shareholders an additional opportunity to tender to the offer. If New Gold is successful in acquiring 90% of the Rainy River common shares, it would acquire all the remaining shares by way of a compulsory acquisition.
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