Business
Newmont Extends Miramar Offer to Allow Satisfaction of Investment Canada Condition
DENVER, and VANCOUVER, British Columbia, Dec. 6 /CNW/ -- Newmont Mining Corporation ("Newmont") (...
About this update from New Found Gold Corp
[{"type":"text","content":"\n\n\n\nDENVER, and VANCOUVER, British Columbia, Dec. 6 /CNW/ -- Newmont Mining\nCorporation ("Newmont") (NYSE: NEM) and Miramar Mining Corporation ("Miramar")\n(TSX: MAE; AMEX: MNG) announced today that Newmont has extended the period for\nacceptance of its offer to purchase the common shares of Miramar to 5:00 p.m.\n(Toronto time) on December 21, 2007. Newmont expects to mail a formal notice\nof extension to all Miramar shareholders on December 7, 2007.\n\n\nThe offer is being extended to accommodate a condition of the offer\nrequiring approval of the acquisition under the Investment Canada Act that has\nnot yet been satisfied. The initial review period under the Investment Canada\nAct will expire on December 13, 2007.\n\n\nSeparately, an advance ruling certificate was received from the\nCommissioner of Competition under the Competition Act (Canada) on November 23,\n2007, which permits Newmont to proceed with the transaction under the\nCompetition Act (Canada).\n\n\nThe board of directors of Miramar continues its unanimous determination\nthat the offer is fair, from a financial point of view, to the Miramar\nshareholders and continues to unanimously recommend that Miramar shareholders\naccept the C$6.25 all cash offer and tender all of their shares. All of the\ndirectors and senior officers of Miramar have tendered their shares to the\noffer.\n\n\nRichard O'Brien, President and Chief Executive Officer of Newmont, said,\n"When we entered into our agreement with Miramar, we carefully examined the\nopportunity that Miramar represents. We continue to believe that our offer\nremains competitive with other development opportunities available to us,\nwhile providing full and fair value to Miramar shareholders."\n\n\nTony Walsh, President and Chief Executive Officer of Miramar, said, "We\nbelieve Newmont's offer takes into account the value of the existing resources\nat Hope Bay along with its significant upside potential and, in that context,\nare continuing to recommend that our shareholders accept the offer."\n\n\nThe offer and take-over bid circular dated October 31, 2007 that has been\nfiled with the Canadian securities commissions and the United States\nSecurities and Exchange Commission is, and the notice of extension that is\nbeing filed will be, available at http://www.sedar.com and htt...