Business
Griffin Mining Proposed Acqui
Griffin Mining Proposed Acqui.
About this update from Griffin Mining Limited
[{"type":"text","content":"\n RNS Number : 4221P Griffin Mining Ld 24 March 2009 \n \n\nGRIFFIN MINING LIMITED\n60 St James's Street, London SW1A 1LE, United Kingdom\nTelephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773\nE mail: [email protected]\n\n24th March 2009\n\nGriffin's Proposed Offer for Ivernia Inc\n\nGriffin Mining Limited ('Griffin' or 'the Company'), has announced today that it intends to make a cash offer ('the Offer') through a wholly owned subsidiary to acquire all of the issued and outstanding common shares of Ivernia Inc ('Ivernia') at a price of C$0.15 per Ivernia share. The total consideration payable under the Offer is expected to be approximately C$27 million excluding expenses if the entire offer is accepted. In addition Griffin is seeking to acquire or repay US$33.4m of convertible loan notes in the event the offer is successful. \nIvernia's shares are traded on the Toronto Stock Exchange under the symbol 'IVW'. The Offer price represents a premium of approximately 25 per cent over the closing price of Ivernia shares on 24 March, 2009 being the last dealing day prior to the date of this announcement and a premium of approximately 26.1 per cent over the average trading price of Ivernia's shares for the previous 20 trading days.\nThe offer will not be subject to any financing conditions and will be financed with Griffin's current cash resources. The offer will be made to Ivernia's shareholders following receipt of a complete shareholder list from Ivernia or earlier by publication of an advertisement and filing of the takeover bid circular as required under applicable Canadian securities laws. The takeover bid will be open for acceptance for not less than 35 calendar days from the date of mailing or publication of an advertisement of the takeover bid that includes full details of the offer. \n\nCompletion of the offer will be subject to certain conditions, including there having been deposited under the offer and not withdrawn, a number of Ivernia shares which constitutes not less than ...