Laramide bids to take over Aquiline

With an eye on two promising Mexican properties, Laramide Resources (LAM-T) has launched a $5.3-million takeover bid for all outstanding shares of Aquiline Resources (AQI-V).

Laramide already holds a 30% interest in Aquiline, following a recent $1.6-million transaction with Glamis Gold (GLG-T).

In Mexico, Aquiline’s controls the Jojoba gold prospect in Sonora state and the Cieneguita heap-leach gold project in neighboring Chihuahua state.

Relations between the two companies are strained, given that Aquiline has accused Laramide of breaching a confidentiality agreement regarding information on the Jojoba property.

Aquiline says Laramide purchased the shares from Glamis after evaluating data on Jojoba, while Laramide maintains that the data were in the public domain and in no way confidential.

The company is offering to buy all outstanding shares of Aquiline at $1.50 each, and to be paid either by 0.9 of a common Laramide share or the cash equivalent.

Meanwhile, Laramide is developing the Cerro Colorado gold prospect in northern Sonora, about 64 km from Jojoba.

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