Chantrell delivers superior offer to Alexandria shareholders
Toronto-headquartered Chantrell Ventures has delivered a new offer for the acquisition of junior miner Alexandria Minerals, which is superior to the offer of gold miner Agnico Eagle.
Chantrell, which had until the end of Thursday to match an offer from Agnico, is offering Alexandria shareholders C$0.07 a share, compared with its previous offer price of C$0.04 a share.
Under the revised terms, Alexandria shareholders will be entitled to receive 0.018041 common shares of O3 Mining in exchange for each share held immediately prior to the effective date of the arrangement.
Chantrell previously announced an agreement with Osisko Mining, pursuant to which certain noncore assets of Osisko will be transferred to Chantrell, resulting in the reverse takeover of Chantrell. The new venture will be renamed O3 Mining.
The amended offer price of C$0.07 an Alexandria share represents a premium of about 100% to the unaffected Alexandria share price as of the close of trading on May 13, and about 114% to the 20-day volume-weighted average price of the unaffected Alexandria share price.
The current Agnico proposal provides each Alexandria shareholder with the option to receive, for each Alexandria share, either C$0.05 in cash, 0.000819355 common shares of Agnico plus C$0.000001 in cash or 0.000819355 Agnico shares.
Alexandria closed at C$0.065 a share on Thursday, up 18% on the previous day's closing price.
Alexandria is a Toronto-based junior gold exploration and development company with its strategic property located in the world-class mining district of Val d’Or, Quebec. The company's flagship property, the Cadillac Break Property package, hosts near-surface gold resources along the prolific, gold-producing Cadillac Break, all of which have significant growth potential.
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