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Gold/Mining/Energy : Pangea Goldfields T.PGD -- Ignore unavailable to you. Want to Upgrade?

To: Enigma who wrote (1091)	6/30/2000 9:54:57 AM
From: kidl	Respond to of 1178

Pangea to sell shares to Barrick Pangea Goldfields Inc PGD Shares issued 24,700,000 2000-06-29 close $5.95 Friday Jun 30 2000 Also Barrick Gold Corp (ABX) Mr. J.C. Potvin reports Barrick Gold Corporation will offer to purchase all the outstanding common shares of Pangea in a cash offer of $7 per Pangea share. The offer represents a 52-per-cent premium to Pangea's closing price of $4.60 on June 27, 2000. The value of Barrick's offer amounts to about $204-million for the approximately 29.2 million Pangea shares on a fully diluted basis. The Pangea board of directors has unanimously approved the offer and has agreed to recommend it to its shareholders and to co-operate with Barrick to implement the transaction. All of the directors and senior officers of Pangea have agreed to tender their shares to Barrick's offer. When combined with Barrick's current holdings, this represents about 20 per cent of Pangea common shares on a fully diluted basis. "We are pleased that we have negotiated exceptional value for our shareholders," said J.C. Potvin, president and chief executive officer of Pangea. "This offer confirms our strategy of building a portfolio of exploration properties with a focus on the Lake Victoria gold belt of Tanzania," he added. The formal offer containing details will be mailed to all registered holders of Pangea's common shares as soon as possible after Barrick receives a list of Pangea's shareholders. The offer will be conditional on Barrick acquiring at least 66.6 per cent of Pangea's common shares on a fully diluted basis. The only other conditions will be of usual commercial nature. BMO Nesbitt Burns Corporation Limited acted as financial adviser to Pangea in this transaction. Barrick Gold Corporation is a leading international gold producer with operations in North America, South America and Tanzania. (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com