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AuRico Gold Announces Successful $300 Million Substantial Issuer Bid
(all amounts are in US dollars unless otherwise indicated) TORONTO, Jan. 24, 2013 /CN...
About this update from Auq Gold Mining Inc.
[{"type":"text","content":"\n\n\n\n\n\n(all amounts are in US dollars unless otherwise indicated)\n\n\nTORONTO, Jan. 24, 2013 /CNW/ - AuRico Gold Inc. (TSX: AUQ) (NYSE: AUQ), (\"AuRico\" or \"the Company\") today announced the preliminary results of\n its \"modified Dutch auction\" substantial issuer bid (the \"Offer\") to\n purchase for cancellation up to $300,000,000 of its outstanding common\n shares (the \"Shares\").\n\n\nShareholders of AuRico had the opportunity under the terms of the Offer\n to tender their Shares until 5:00p.m. EST on January 23, 2013 by\n electing an auction tender at a price of their choice between $8.30 and\n $9.30 per Share or, alternatively, by electing a purchase price tender\n at which they could sell their Shares at the Purchase Price (as defined\n below) to be determined by the Company pursuant to the Offer.\n\n\nAll the terms and conditions of the Offer have been complied with or\n waived and, based on a preliminary count by Computershare Investor\n Services Inc., as depositary for the Offer (the \"Depositary\"), AuRico\n expects to take up and pay for approximately 36,144,578 Shares at a price of $8.30 per Share (the \"Purchase Price\"). The Shares expected to be purchased\n under the Offer represent approximately 12.8% of the Shares issued and\n outstanding prior to giving effect to the Offer. After giving effect to\n the Offer, the number of issued and outstanding Shares is expected to\n be approximately 246,395,391.\n\n\n\"We are very pleased with the success of this share repurchase program\n as it delivers the first step in our commitment to shareholder friendly\n initiatives. The Substantial Issuer Bid has allowed the Company to\n return $300 million in excess capital to our shareholders and will\n reduce our issued shares outstanding by approximately 13%. This reduced\n share count will further leverage shareholders' \"per share\" exposure to\n the Company's growing production and cash flow profile as well as other\n profitability metrics. Additionally, as part of our ongoing commitment\n to shareholder returns, the Company intends to announce the details of\n an ongoing dividend policy before the end of March,\" said Scott Perry,\n President and CEO. He continued, \"We have begun 2013 with a portfolio\n of quality assets, a strong organic growth profile and a management\n team committed to delivering shareholder...