Hey fuddle, EN/FN news out, fancy meeting you here, my two (oops one)favorites.
TORONTO, July 22 /CNW/ - Franco-Nevada Mining Corporation Limited
(TSE:FN) and Euro-Nevada Mining Corporation Limited (TSE:EN) announce that
their respective boards of directors have given approval to proceed with the
previously announced agreement in principle to amalgamate the two companies by
way of plan of arrangement. In addition, following a review and analysis of
the terms of the arrangement by committees of the independent directors of
both companies, together with their respective financial advisers, the boards
have confirmed the exchange ratios. The Franco-Nevada committee was advised by
TD Securities Inc. and the Euro-Nevada committee was advised by CIBC World
Markets Inc.
The exchange ratios will be one common share of the amalgamated company
for each Franco-Nevada common share and 0.77 of a common share of the
amalgamated company for each Euro-Nevada common share. As previously
announced, special meetings of shareholders of Franco-Nevada and Euro-Nevada
to approve the arrangement are scheduled to be held on September 8, 1999. A
Joint Management Proxy Circular detailing the arrangement is being mailed to
shareholders of record on August 3, 1999.
Franco-Nevada and Euro-Nevada are the world's largest public precious
metals royalty companies. Together, the companies are equal partners in the
Midas Joint Venture which manages the Ken Snyder Mine and have a growing
portfolio of over 60 royalties spanning six countries with direct or royalty
land interests exceeding 5 million acres. Both companies trade on the Toronto
Stock Exchange with a combined market capitalization of $3.4 billion.
%SEDAR: 00002195E
-0- 07/22/1999
For further information: franco-nevada.com; Ron Binns, Chief Financial Officer, (416) 480-6490; David Harquail, Senior Vice-President, (416) 480-6497
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