Gold producer Cambior first announced plans to acquire a controlling interest in Nova-Cogesco in late November or early December. At the time the company had a 3.9% interest in Nova-Cogesco and was offering to increase its shareholding to between 30% and 60% by paying $1.50 per share.
A few weeks later Cambior announced a takeover bid for all of the outstanding shares of Nova- Cogesco at $1.80 per share, on the condition the offer was accepted by late January by holders representing a minimum 90% of Nova- Cogesco shares.
Cambior and Nova-Cogesco are partners, along with Noranda Inc., in the Silidor gold project near Rouyn-Noranda, Que., which hosts reserves of 4.84 million tons grading 0.19 oz gold per ton. Cambior has a 25% interest and Nova- Cogesco a 20% interest, with Noranda holding the balance.
Cambior announces it will not be taking up and paying for the shares deposited pursuant to the offer.
Nova-Cogesco’s major shareholder, MSV Resources (ME), indicated it would sell its more than two million shares (22.3% interest) in the junior to Cambior.
]]>
Be the first to comment on "Cambior backs off from deal to acquire Nova-Cogesco shares"