Wednesday, September 10, 2014

Taseko Mines Limited - TKO.t

Taseko Mines Limited - TKO.t is the owner (75%) and operator of the Gibraltar Mine, the second largest open pit copper-molybdenum mine in Canada.

On September 8, 2014 the company reported News

"Taseko Mines Limited (TSX:TKO, NYSE MTK:TGB) ("Taseko" or the "Company") announces that it has entered into a definitive agreement (the "Agreement") whereby Taseko will acquire all of the issued and outstanding common shares of Curis Resources Ltd. ("Curis") under a plan of arrangement pursuant to the Business Corporations Act (British Columbia) (the "Transaction"). Curis is a mineral exploration and development company whose principal asset is the Florence Copper Project ("Florence"), an in situ copper recovery and solvent extraction/electrowinning ("SX/EW") project located adjacent to the town of Florence in central Arizona, USA. The Florence deposit contains approximately 2.4 billion pounds of copper reserves with an average grade of 0.36% TCu, contained within a measured and indicated resource of 2.8 billion pounds of copper with an average grade of 0.33% TCu.

Under the terms of the Agreement, each Curis shareholder will receive 0.438 of a Taseko common share for each Curis common share held (the "Offer"), representing consideration of $1.055 per share based on Taseko's 20-day volume weighted average price ("VWAP") for the period ending September 5, 2014. The Offer represents a 21% premium to Curis' 20-day VWAP and a 31% premium to Curis' 60-day VWAP, each for the period ending September 5, 2014, and based on Taseko's 20-day VWAP and 60-day VWAP during the same period. Following the completion of the Transaction, Curis shareholders, excluding Taseko, will hold 12% of the pro forma company, calculated using basic shares outstanding. "

NOTE - More on Curis Resources can be found HERE



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