Centurion Gold Accepts Offer for Buyout at $.60 a Share
Monday August 1, 6:00 am ET
JOHANNESBURG, South Africa--(BUSINESS WIRE)--Aug. 1, 2005--Centurion Gold Holdings, Inc. (OTCBB:CGHI - News), the only South African junior gold mining company publicly listed in the U.S., announced today that it has signed an irrevocable agreement with a UK listed company for such company to bid to purchase 100% of the common stock of Centurion for consideration equal to $.60 per share with a value of approximately $151.1 million on a fully diluted basis. After careful review of several offers, Centurion's Board accepted an offer from a company that it felt provides the most synergy and maximization for the value of the company's assets. Consideration in accepting the offer involved available working capital, maintaining control of the Company and the access to capital for future projects. CEO Dale Paul, will join the new company as President. It is anticipated that a formal bid, with more details, will be submitted to Centurion's shareholders within the next few weeks. The buyout is intended to be completed before the end of the year and listed on the London AIM market.
"There were several offers that we considered and our final decision was based on the most effective way to maximize the return on Centurion's properties and assets as well as shareholder value," stated Mr. Dale Paul, CEO and Chairman of Centurion Gold Holdings. "In addition, the AIM listing should prove beneficial, as this market is an excellent place to access significant capital for natural resource companies." |
