Glamis Gold agrees to acquire Rayrock
Article Abstract:
Glamis Gold Ltd., based in Reno, NV, has agreed to purchase Toronto, Ontario-based Rayrock Resources Inc. for around C$145 million. The deal was effected a day before the set meeting by Quest Vantures Ltd., which holds 8% of Rayrock and which intends to obtain the best price for Rayrock's shares and would ensure the deal is completed. Glamis offered to exchange 2.2 shares or 1.5 shares plus C$3 in cash for every share in Rayrock, with the cash portion limited to C$24 million. The deal is awaiting shareholder approval, although it has already received the support of BlackRock Ventures Inc., which owns 25.5% of Rayrock.
Comment:
Agrees to purchase Toronto, Ontario-based Rayrock Resources Inc for around C$145 mil
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Barrick makes friendly bid for Sutton
Article Abstract:
Barrick Gold Corp has announced a deal to acquire Sutton Resources Ltd of Vancouver, British Columbia, for C$500 million. Under the proposed deal, Barrick will pay Sutton shareholders 0.435 of its share for each Sutton share held, or an equivalent of C$12.60 per share. Sutton has 39.6 million shares outstanding on a fully diluted basis. The proposed deal came nine days after Barrick failed in its C$183-million hostile bid for Argentina Gold Corp.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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