Fermer X Les cookies sont necessaires au bon fonctionnement de 24hGold.com. En poursuivant votre navigation sur notre site, vous acceptez leur utilisation.
Pour en savoir plus sur les cookies...
AnglaisFrancais
Cours Or & Argent en

Africo Resources

Publié le 13 mai 2016

Africo Resources Ltd. Enters into Definitive Agreement with Camrose Resources Limited for Going Private Transaction

( 0 vote, 0/5 ) Imprimer l'article
  Article Commentaires Commenter Notation Suivre la société  
0
envoyer
0
commenter
Mots clés associés :   Canada | Cash | Cobalt | Copper | Vote |

Africo Resources Ltd. Enters into Definitive Agreement with Camrose Resources Limited for Going Private Transaction

13 May 2016

Vancouver, May 13, 2016 - Africo Resources Ltd. ('Africo' or the 'Company') (TSX:ARL) today announced that it has entered into a definitive agreement (the 'Arrangement Agreement') with Camrose Resources Limited ('Camrose') under which the Company would be taken private pursuant to a plan of arrangement (the 'Plan of Arrangement'). Camrose currently owns 63.66% of the Africo common shares ('Common Shares').

Under the Plan of Arrangement, Camrose would acquire all of the Common Shares that Camrose does not already own for cash consideration of $1.00 per share. The cash consideration represents an approximate 115% premium to the last closing price of $0.465 of the Common Shares on the Toronto Stock Exchange.

Holders of the Company's Common Shares and Options may also receive an additional aggregate amount of USD $7.5 million if certain transactions, in respect of the Company's main Kalukundi project, a development stage copper-cobalt deposit located in the Katanga Copperbelt in the Democratic Republic of Congo (DRC), are completed within 14 months following the closing of the Plan of Arrangement with Camrose. The terms and conditions of this contingent payment will be set out in an information circular of the Company, as described below. The additional amount, if paid, would be equal to approximately USD $0.27 per share. However, there can be no assurance that the additional payment will be made because this is contingent.

Both the Special Committee of the Board of Directors of Africo, comprising of James Cook and George Ireland, and the Board of Directors of Africo unanimously (with Messrs. Cordero andLauerabstaining)determined that the Plan of Arrangement is in the best interests of Africo and is fair to its shareholders.

The Special Committee of the Board of Directors of Africo has received a verbal opinion from Paradigm Capital Inc. to the effect that, as of the date of the opinion and based upon and subject to the limitations and qualifications therein, the consideration to be received for the Common Shares is fair, from a financial point of view, to the holders of the Common Shares (other than Camrose). Africo expects to receive a written opinion from Paradigm Capital Inc. prior to mailing the Management Information Circular to Africo shareholders.

The implementation of the Plan of Arrangement will be subject to approval by the holders of the affected securities at a special meeting (the 'Special Meeting') expected to be held on June 29, 2016. As the transaction will constitute a 'business combination' for the purposes of Multilateral Instrument 61-101, the implementation of the Plan of Arrangement will be subject to approval by a majority of the votes cast by shareholders other than Camrose, in addition to approval by 66?% of the votes cast by holders of Common Shares. The transaction also will be subject to applicable Court approvals and certain closing conditions customary in transactions of this nature. The transaction is also subject to Camrose obtaining a waiver from the lenders of its parent company Eurasian Resources Group BV.

Certain shareholders, holding as a group approximately 28% of the issued and outstanding common shares of Africo and 77% of the outstanding Common Shares held by the minority shareholders, have entered into voting agreements pursuant to which, among other things, they have agreed to vote their Common Shares in favour of the Plan of Arrangement.

The terms and conditions of the proposed transaction will be disclosed in an information circular that will be mailed in late May 2016 to the shareholders of Africo that will be entitled to vote at the Special Meeting. It is anticipated that the transaction, if approved by Africo shareholders and the Court and if the requisite waiver and conditions are obtained and satisfied, will be completed in July of 2016.

Stikeman Elliott LLP acted as legal counsel to the Special Committee of Africo and Goodmans LLP acted as legal counsel to Camrose.

Copies of the Arrangement Agreement, the information circular for the Special Meeting and certain related documents will be filed with Canadian securities regulators and will be available at www.sedar.com.


This press release is neither an offer to purchase nor a solicitation of an offer to sell securities. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For further information contact:

Chris Theodoropoulos
Chairman
Tel: +1(604) 646-3225

Larry Okada
Chief Financial Officer
Tel: +1(604) 646-3225

Forward-looking statements:

This press release contains 'forward-looking statements' within the meaning of applicable securities laws that are intended to be covered by the safe harbours created by those laws, including statements that use forward-looking terminology such as 'anticipated', 'may', 'will', 'expect', 'could', 'should', 'anticipate', 'believe', 'continue', 'potential', or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements may include, without limitation, statements regarding the completion of the proposed transaction and other statements that are not historical facts. While such forward-looking statements are expressed by Africo, as stated in this release, in good faith and believed by Africo to have a reasonable basis, they are subject to important risks and uncertainties including, without limitation, approval of applicable governmental authorities, required Africo security holder approval and necessary Court approvals, the satisfaction or waiver of certain other conditions contemplated by the Arrangement Agreement, and changes in applicable laws or regulations, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. As a result of these risks and uncertainties, the proposed transaction could be modified, restructured or not be completed, and the results or events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. Africo is not affirming or adopting any statements made by any other person in respect of the proposed transaction and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities or to comment on expectations of, or statements made by any other person in respect of the proposed transaction. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Reliance on forward-looking statements is at investors' own risk.

Note for editors

Africo Resources Ltd. is a Canadian mineral company engaged in developing, acquiring and exploring for base metal assets in Africa. The company's main project is Kalukundi, a development stage copper-cobalt deposit located in the Katanga Copperbelt in the Democratic Republic of Congo (DRC). The development team has an operational base in the DRC, with the company corporate offices located in Vancouver, Canada.


Lire la suite de l'article sur www.publicnow.com
Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Africo Resources

EXPLORATEUR
CODE : ARL.TO
ISIN : CA0082911060
Suivi et investissement
Add to watch list Add to your portfolio Add or edit a note
Ajouter une alerte Ajouter aux Watchlists Ajouter au portefeuille Ajouter une note
ProfilIndicateurs
de Marché
VALEUR :
Projets & res.
Communiqués
de Presse
Rapport
annuel
RISQUE :
Profile actifs
Contactez la cie

Africo Res. est une société d’exploration minière de cuivre et de cobalt basée au Canada.

Africo Res. détient divers projets d'exploration au Congo.

Ses principaux projets en exploration sont MPOROKOSO en Zambie et KALUKUNDI au Congo.

Africo Res. est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 74,9 millions CA$ (57,0 millions US$, 51,4 millions €).

La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2007 à 4,75 CA$, et son plus bas niveau récent le 31 juillet 2015 à 0,30 CA$.

Africo Res. possède 71 313 127 actions en circulation.

Votre avis nous interesse, merci de laisser un commentaire ou de noter cet article.
Evaluer : Note moyenne :0 (0 vote) Voir les mieux notés
 
Rapports annuels de Africo Resources
2008 Annual Report
2007 Annual report
Financements de Africo Resources
25/07/2008completes CAD$100 million private placement with Camrose Res...
13/06/2008shareholders approve $100M private placement and associated ...
23/04/2008Announces CAD$100 million private placement to develop the K...
Nominations de Africo Resources
05/07/2011Changes to Africo's Board of Directors
30/12/2009Interim CFO and CEO Appointments
Projets de Africo Resources
23/06/2011(Kalukundi)Re-Commences Core Drilling Program on its Kalukundi Copper a...
04/08/2009(Kalukundi) intersects highest grade intersections to date at Kalukundi...
07/02/2008reports positive exploration results at Kalukundi
Communiqués de Presse de Africo Resources
13/05/2016Africo Resources Ltd. Enters into Definitive Agreement with ...
20/08/2015Africo Appoints Special Committee
27/06/2015Africo Resources reports results from Annual Meeting
26/06/2015Africo Resources Reports Results from Annual Meeting
16/10/2014Africo Resources Appoints a New Director
23/05/2013(Kalukundi)Resource Assessment NI 43-101 Technical Report Completed on ...
23/05/2013(Kalukundi)Resource Assessment NI 43-101 Technical Report Completed on ...
10/04/2013Revised Resource Assessment Delineates Sigificantly Improved...
28/09/2012(Kalukundi)Additional Drilling Results at Africo's Kalukundi Copper-Cob...
13/06/2011Retains MDM Engineering to Update Feasibility Study on a 1.2...
05/11/2009repurchases shares
09/03/2009Signs MOU for Power with SNEL in DRC
04/02/2009Reaches Agreement with G\351camines and the...
11/12/2008Wins Mines and Money Award
12/06/2008receives unsolicited conditional proposal from Creat Group C...
05/05/2008Reschedules Annual General Meeting until June 12, 2008
31/03/2008Update regarding DRC legal issues
20/02/2008 Update regarding the DRC mining review
28/11/2007Completes C$4.0 million equity financing with IFC
16/11/2007 Announces C$4.0 million IFC Private Equity Placement
25/10/2007Governor of Katanga supports Africo in Legal Issue
15/10/2007Africo Resources signs MOU with DRC Ministry of Social Affai...
06/09/2007Letter to shareholders
Publication de commentaires terminée
 
Dernier commentaire publié pour cet article
Soyez le premier à donner votre avis
Ajouter votre commentaire
TORONTO (ARL.TO)OTHER OTC (AFCRF)
1,05+2.94%0,7960
TORONTO
CA$ 1,05
11/07 15:21 0,030
2,94%
Cours préc. Ouverture
1,02 1,02
Bas haut
1,02 1,05
Année b/h Var. YTD
 -  -
52 sem. b/h var. 52 sem.
- -  1,05 -%
Volume var. 1 mois
7 900 -%
24hGold TrendPower© : 34
Produit
Développe
Recherche Cobalt - Copper - Gold
 
 
 
Analyse
Interactive chart Add to compare
Graphique
interactif
Imprimer Comparer Exporter
Dernière mise à jour le : 23/11/2010
Vous devez être connecté pour accéder au portefeuille (gratuit)
Top Newsreleases
LES PLUS LUS
Variation annuelle
DateVariationMaxiMini
 
Graphique 5 ans
 
Graphique 3 mois
 
Graphique volume 3 mois
 
 
Nouvelles des Sociétés Minières
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
0,12 AU$-8,00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
7,70 AU$-0,65%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
2,20 AU$+0,00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
3,86 AU$+0,00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
0,12 CA$+4,55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
0,02 CA$+100,00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
12,43 US$+4,10%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
0,20 US$-12,28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
0,53 GBX-1,87%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
0,06 CA$+0,00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
2,65 CA$-1,49%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
1,84 CA$+0,00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
16,07 CA$+3,01%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
0,24 CA$+4,26%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
0,20 AU$+2,63%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
6,80 US$-2,86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
1,88 CA$+0,53%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
52,60 US$-0,02%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
8,66 CA$-0,35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
0,04 AU$+5,56%Trend Power :