Vancouver — Only hours after Imperial Metals (III-T, IPMLF-O) briefly took the lead in the bcMetals (C-V, BMTLF-O) bidding war with a planned offer of $1.30 per share, Taseko Mines‘ (TKO-T, TGB-X) answered by raising its unsolicited offer to $1.40.
The move again resets Taseko as top suitor with an offer valuing bcMetals at almost $54 million.
“This new bid price represents a 7.7% premium over Imperial Metals’ last offer and is indicative of our continuing determination to acquire bcMetals,” stated Taseko president and CEO Russ Hallbauer.
Taseko has extended its offer expiry date to February 7th while Imperial’s bid is good until February 9th and remains conditional on tender of 50% plus one of the outstanding shares.
Through tender and market purchases Imperial reports holding about 22% of bcMetals’ shares on a fully diluted basis while fellow suitor Taseko states it holds about 5% of the junior.
BcMetals’ Red Chris copper-gold porphyry deposit, located near Iskut in northwestern British Columbia, hosts life-of-mine proven and probable reserves of 277.8 million tonnes grading 0.35% copper and 0.27 gram gold per tonne (about 2.1 billion contained pounds copper and 2.4 million contained ounces gold). Additional measured, indicated and inferred resources outside the pit shell are 574.8 million tonnes at 0.32% copper and 0.28 gram gold. Mining plans call for a conventional open-pit operation producing about 110 million lbs. copper and 75,000 oz. gold in concentrates annually over its first five years.
Shares of bcMetals rose to the $1.30-level in TSX Venture trading following Imperial’s revised offer. Taseko new bid came after market closure.
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