KRR, OGC, NTH, NRN
Australian gold/nickel miner Karora Resources aka KRR announced it has filed the Management Information Circular for the proposed merger with fellow Aussie miner Westgold, with the vote on the merger to be held next month.
I didn't see any surprises in the filing compared to what we had already heard -- for each KRR shares, holders will receive 60.8 cents in cash and 2.524 shares of Westgold, which has agreed as part of the deal to pursie a listing on the TSX. There is also a Spinco holding certain minor KRR assets involved, but it remains unclear to me whether those will have any value.
I used to vote on these but given my relatively meagre shareholders I am just along for the ride, so I don't bother any more. If I was to vote, it would likely be in favour at this point, as no competing bid has emerged, though some folks I know think one will come along.
BTW, I have seen a lot of debate on the tax implications of the deal for holders of KRR.TO, particularly given the new capital gains taxation rules in Canada. My shares are in a tax sheltered account, though, so I didn't really pay attention.
ca.finance.yahoo.com
In the wake of the recent IPO on the Manila exchange of part of the subsidiary that owns the Didipio mine in the Philippines, Oceanagold aka OGC continues to clean up its balance sheet sheet by closing the sale of the Blackwater project in new Zealand, deemed surplus to needs, for proceeds of $30M cash. Given that if things proceed according to plan, OGC will be generating a lot offree cash flow going forward, I expect a re-rating of the stock as the implications of their recent financial moves sink in. This will only be enhanced if, as I expect, the PoG breaks out to new highs in the next year.
Message 34710953
Nord Precious Metlas aka NTH released a 12-month exploration plan for their Castle East property in Ontario, which already has a small but high grade Inferred Resource of 274kt @ 8582 g/t Ag containing 7.56M oz Ag. Up till now NTH has found some interesting mineralization while poking around in various spots on the property, surface and underground, but now it looks they are going to be more serious and systematic in advancing Castle East.
The new exploration will be based on an extensive recompilation of historic and recent work on the property which in turn has generated a new geological understanding. A planned 30km of drilling will try to connect known zones of mineralization, particularly those close to the historic Capitol mine which can be used for access.
If this new modelling generates the results they hope, the Castle Mine property will be worth substantially more than it is now.
Message 34712220
After a long break, Northern Shield aka NRN has released a new PR concerning their Root & Cellar Au/Ag/Cu/Te prospect in Newfoundland. Thanks to a thesis from a student at the University of Newfoundland, they are now able to distinguish three separate mineralizing events, which should help with finding the deeper lying porphyry they are looking for Channel sampling and trenching in the Conquest will resume shorrtly to follow up these insights.
Message 34712279 |
