Imperial Metals ups bid for bcMetals to $1.50
2007-01-30 17:43 ET - News Release
Shares issued 38,381,790
C Close 2007-01-30 C$ 1.42
From News Release (C-III) Imperial Metals Corp (2)
Mr. Brian Kynoch reports
IMPERIAL RAISES BID FOR BCMETALS TO C$1.50
Imperial Metals Corp.'s wholly owned subsidiary, CAT-Gold Corp., will increase its all-cash offer to acquire the outstanding common shares of bcMetals Corp. to $1.50 per share.
The expiry time for CAT-Gold's bid remains unchanged. The bid remains open for acceptance until 12 midnight PT on Friday, Feb. 9, 2007. The minimum tender condition of CAT-Gold's offer remains unchanged at 50 per cent plus one of the outstanding common shares of bcMetals, on a fully diluted basis (but assuming cancellation of all out-of-the-money securities of bcMetals), inclusive of the common shares owned by CAT-Gold and its affiliates.
A notice of variation will be filed with applicable securities regulatory authorities and mailed to bcMetals' shareholders and holders of out-of-the-money securities today. The price of CAT-Gold's all-cash offer to purchase the outstanding out-of-the-money securities of bcMetals remains unchanged, at two cents per out-of-the-money security.
CAT-Gold's bid is financially superior to the unsolicited bid for the common shares and out-of-the-money warrants of bcMetals made by Taseko Mines Ltd.
Imperial and its affiliates currently hold approximately 22 per cent (9,299,894 shares) of the issued and outstanding common shares of bcMetals, on a fully diluted basis (but assuming cancellation of all out-of-the-money securities of bcMetals), compared with Taseko's approximately 5-per-cent holding (1,918,600 shares), on a similar fully diluted basis. Accordingly, less shares are required to be tendered into CAT-Gold's bid than are required to be tendered into Taseko's bid for the minimum tendering condition to be met.
In accordance with the terms of the support agreement between bcMetals, CAT-Gold and Imperial, CAT-Gold and Imperial have notified bcMetals of their offer to amend the support agreement and the terms of CAT-Gold's offer for the common shares and out-of-the-money securities of bcMetals on the terms set out in this press release, which more than "matches" the current Taseko offer.
Investors and securityholders of bcMetals are urged to read the formal offer and takeover bid circular of CAT-Gold Corp. dated Jan. 3, 2007, and any amendments thereto when they become available, as they contain important information. A copy of the formal offer and takeover bid circular will be available on Imperial's website, SEDAR or by direct request to Imperial. |
