De Beers offer for Winspear gets nod
Article Abstract:
De Beers Consolidated Mines Ltd., in a quest for its first diamond mine in Canada, has won the support of the directors of Winspear Diamonds Inc. by raising its bid for the company to $305-million. The board agreed to reverse itself and recommended the offer, which was increased 75 cents to $5 a share, despite its earlier contention that the potential of the Snap Lake deposit in the Northwest Territories was undervalued. De Beers had earlier launched a hostile bid on June 26 2000 worth $4.25 a share or $259-million on a fully diluted basis. The offer is conditional on its acceptance by holders of 50.1% of the shares and De Beers has the right to match any competing bid. Winspear has also agreed to pay a penalty of 20 cents a share or about $12-million if the De Beers bid for Winspear ultimately fails. The shares of Winspear rose 76 cents yesterday to $4.93 on the Toronto Stock Exchange. The De Beers bid came just as Winspear was embarking on a major underground bulk-sampling program at Snap Lake, which would have set the stage for the final feasibility study needed for financing of a mine. Snap Lake is expected to be Canada's first underground diamond mine.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 2000
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Winspear projects cost exploring diamond site
Article Abstract:
Winspear Resoureces Ltd of Vancouver, British Columbia, will launch a C$50-million underground exploration program at its Snap Lake diamond property, 224 km northwest of Yellowknife in the Northwest Territories. The company is planning to build an airstrip and camp to support the underground sampling of 20,000 tons of diamond-bearing kimberlite rock. Total capital cost of the project is estimated at around C$241 million.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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De Beers targets 'blood diamonds'
Article Abstract:
South Africa's De Beers Consolidated Mines Ltd. has announced that it will launch a campaign to halt the sale of gem diamonds from rebel-controlled areas in Afirca. The startegy, which will focus on Angola, Congo and Sierra Leone, was greeted with approval from delegates to the World Diamond Conference.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 2000
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