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Gold/Mining/Energy : Pangea Goldfields T.PGD

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To: salva who wrote (433)	11/4/1999 5:22:00 PM
From: russet	Read Replies (1) of 1178

SUTTON: *Bought by Barrick for US$ 535 million Perhaps my memory sucks today,...but wasn't the Sutton deal a share purchase? Printing shares doesn't cost much, except a little shareholder dilution. I'd be careful using that value, as the value of the resource if Pangea trys to develop it alone, or looks for a cash offer. I would go along with a share buyout by another major though. Perhaps Homestake should come and take a look. I liked their buyout of ARP. Found the NR on ABX site. Memory still works (ggggg). Barrick Gold Corporation and Sutton Resources Ltd. announced today that Barrick will offer to purchase all the outstanding shares of Sutton. The offer of 0.463 Barrick shares reflects a value of C$13.25 for each Sutton share and is based on the February 16, 1999, closing price (C$28.60) of Barrick shares on The Toronto Stock Exchange. The value of Barrick's offer will be about C$525 million for the approximately 39.6 million shares of Sutton on a fully diluted basis.

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