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Market: TSX-V
Sector: Gold Mining
Epic: TSX-V:RML
News: Latest news
Web Site: Rusoro Mining
Other Articles: 10-03-200905-01-200915-12-2008

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Rusoro Mining

Rusoro Mining

Rusoro Mining is a junior gold producer, with a large land position in the prolific Bolivar State mining region in southern Venezuela.
Monday, December 15, 2008

Rusoro launches takeover bid for Gold Reserve at 140 percent premium

by Andre Lamberti company news image

Rusoro Mining Ltd has launched a takeover bid for Gold Reserve Inc, offering 3 Rusoro common shares for each Gold Reserve issued and to be issued share, or CDN$1.08 per unit, with the aim of creating “the premier Venezuelan gold company” and unlocking the inherent value of the Brisas project for the benefit of all shareholders.


The offer represents a premium of 140 based based on the December 12 2008 closing prices for Rusoro and Gold Reserve on the TSX Venture Exchange, the company said.


In a statement, Rusoro noted that Gold Reserve's Choco 5 project is contiguous to its Choco 10 operations and Gold Reserve's Brisas project is approximately 10 kilometres from Rusoro’s Yuruan property, thus it expects the combination of the companies to create valuable synergies.


The combined company would have 12.2 million ounces of proven and probable gold reserves. Measured and indicated resources, inclusive of reserves, would total 18.9 million ounces of gold.


The combined company would also have additional resources of 9.3 million inferred gold ounces. In addition, the Brisas project contributes 1.4 billion pounds of copper in proven and probable reserves.


Based on the 3:1 exchange ratio, Gold Reserve equityholders would collectively own approximately 30.4 percent of the combined company on an issued share basis.


The bid will be subject to a minimum of 66.66 percent of the outstanding Gold Reserve equity tendered to the offer.

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