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Gold/Mining/Energy : Francisco Gold - FGX.V
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To: Texas_M who wrote (1799)3/6/2002 1:47:32 PM
From: bistineau_la  Read Replies (1) of 1907
 
Is the exchange 1.55 glg for each share of fgx? I just read an article saying 1.33, see below.
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Under the agreement, Glamis is offering to exchange 1.33 of its its common shares and 1 share in a new exploration company ExploreCo for each issued Francisco share.

Francisco will transfer to ExploreCo C$25 million in cash, certain early-stage Nicaraguan exploration assets and a 2 percent net smelter return royalty on its Guatemalan projects outside the Marlin area.

Glamis will retain the right to acquire a 5 percent stake in ExploreCo. The deal is expected to be completed on May 15.

The companies said their boards had both unanimously approved the deal. If Francisco receives a superior offer, it will pay Glamis a break fee of C$8.6 million.

The companies said the transaction would immediately add to net asset value and that recoverable gold reserves would increase by about 34 percent on a per share basis.
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