Business
Brazil Resources to Acquire Brazilian Gold Corporation
Highlights Brazil Resources agrees to acquire BGC for all-share consideration. ...
About this update from Goldmining Inc.
[{"type":"text","content":"\n\n\n\nHighlights \n\n\nBrazil Resources agrees to acquire BGC for all-share consideration.\n\n\nBGC shareholders to receive 0.172 Brazil Resources shares for each BGC\n share held, representing a premium of approximately 38.9%.\n\n\nDirectors, officers and significant shareholders of BGC representing,\n 19.7% of the outstanding BGC shares have agreed to support the\n transaction.\n\n\nFollowing completion of the transaction, current Brazil Resources\n shareholders will own approximately 70% of the outstanding Brazil\n Resources Shares and current BGC shareholders will hold approximately\n 30% of the outstanding Brazil Resources shares. \n\n\nUpon completion, the transaction will significantly expand the project\n and resource base of Brazil Resources in Pará State, including the\n addition of BGC's Sao Jorge and Boa Vista projects to its portfolio. At\n the same time current BGC shareholders have the opportunity to\n participate in the combined project portfolio of the companies. \n\n\nVANCOUVER, Sept. 30, 2013 /CNW/ - Brazil Resources Inc. (\"Brazil\n Resources\") (TSX-V: BRI; OTCQX: BRIZF) and Brazilian Gold Corporation\n (\"BGC\") (TSX-V: BGC) are pleased to jointly announce that they have\n entered into an arrangement agreement (the \"Arrangement Agreement\"),\n pursuant to which Brazil Resources will acquire all of the outstanding\n common shares of BGC (the \"BGC Shares\") by way of a plan of arrangement\n under the Business Corporations Act (British Columbia) (the \"Arrangement\").\n\n\nUnder the Arrangement, BGC shareholders will receive 0.172 common shares\n of Brazil Resources for each BGC Share. The share exchange ratio\n represents a premium on the BGC Shares of approximately 38.9% based on\n the volume weighted average price of each company's shares for the 30\n preceding trading days. Total aggregate consideration under the\n Arrangement is approximately $13.5 million.\n\n\nAmir Adnani, Chairman of Brazil Resources stated: \"We are very pleased\n to announce this transaction, which is representative of the accretive\n opportunities that have arisen as a result of recent market conditions.\n The addition of BGC's assets will position us with a leading project\n portfolio and development pipeline in Pará State, which is one of the\n most active mining jurisdictions in Brazil. Our stated growth strategy\n ...