Business
Update on Kinross Gold's acquisition of Bema Gold
Update on Kinross Gold's acquisition of Bema Gold.
About this update from Kinross Gold Corporation
[{"type":"text","content":"\n\n\n\nTORONTO and VANCOUVER, Dec. 18 /CNW/ - Kinross Gold Corporation\n(\"Kinross\") (TSX: K, NYSE: KGC) and Bema Gold Corporation (\"Bema\")\n(TSX/NYSE: BGO, AIM: BAU) are providing an update on the status of Kinross'\nacquisition of Bema.\n\n\nA draft of the proxy circular for the meeting of Bema shareholders that\nwill be held to approve the acquisition has been filed with the Director under\nthe Canada Business Corporations Act and the Toronto Stock Exchange. It is\nexpected that the proxy circular will be mailed to Bema shareholders later\nthis month, with the Bema shareholders meeting to be held on January 30, 2007.\n\n\nKinross has completed its due diligence process. An Advance Ruling\nCertificate in respect of the transaction has been issued under the\nCompetition Act (Canada), and a filing was made with the Federal Anti-Monopoly\nService of the Russian Federation on December 8, 2006. Once approval is\nobtained from the Russian competition authority, no further competition\napproval will be necessary to complete the transaction. Kinross and Bema are\nin the process of obtaining all other regulatory approvals. Kinross and Bema\nare also in the process of finalizing the definitive form of Arrangement\nAgreement and related agreements and have agreed to extend the date by which\nthe Arrangement Agreement is to be signed to December 22, 2006.\n\n\nA detailed summary of the proposed acquisition is set forth in the press\nrelease issued by Kinross and Bema dated November 6, 2006 and in material\nchange reports dated November 16, 2006 filed by Kinross and Bema with\nsecurities regulatory authorities.\n\n\nKinross Today\n\n\nKinross, a Canadian-based gold mining company, is the fourth largest\nprimary gold producer in North America and the eighth largest in the world.\nWith eight mines in Canada, the United States, Brazil and Chile, Kinross\nemploys more than 3,700 people. Kinross maintains a strong balance sheet and a\nno gold hedging policy. Kinross is focused on the strategic objective of\nmaximizing net asset value and cash flow per share through a four-point plan\nbuilt on growth from core operations; expanding capacity for the future;\nattracting and retaining the best people in the industry; and driving new\nopportunities through exploration and acquisition. Kinross maintains listings\non the Toronto Stock Exchange (sy...