Moto Goldmines (T.MGL) hit a new 52-week high of $5.27; Randgold Resources Limited today announced that it has approached the Board of Directors of Moto Goldmines Limited and proposed to enter into an arrangement agreement providing for the exchange of each outstanding common share of Moto for the equivalent of $5.00 per share (as at 15 July 15, 2009).
Under the Proposed Randgold Transaction, Moto shareholders would receive 0.07061 of an ordinary share of Randgold (or, where applicable, 0.07061 of an American Depositary Share of Randgold) per Moto share. In addition, Moto shareholders would be provided the option to elect to receive (in lieu of Randgold shares or ADSs) cash consideration of $4.47 U.S. per Moto share ($5.00 based on the noon exchange rate published by the Bank of Canada on July 15, 2009) in respect of all or some of their Moto shares, subject to proration based on an aggregate maximum cash amount payable to all Moto shareholders under the Proposed Randgold Transaction of $244 million U.S.
Assuming full take-up of the cash alternative Randgold would expect to issue a total of approximately 3.9 million shares (including shares represented by ADSs) and pay a total cash amount of approximately $244 million U.S. to Moto shareholders.
Bandera Gold (V.BGL) hit a new 52-week high of 27 cents; Bandera Gold announced that it has obtained a favourable first instance ruling from the Fifth Mercantile Court (Guadalajara) in its lawsuit against Minera San Jorge, George Barnett and others.
As previously announced, the lawsuit was brought by BGL to enforce its rights under the option agreement dated November 15, 2005 under which BGL was entitled to earn in up to a 60% equity interest in the Cinco Minas and Gran Cabrera projects in Mexico.
SXC Health Solutions (T.SXC) hit a new 52-week high of $32.24; no major news announcements today
Jean Coutu Group PJC (T.PJC.A) hit a new 52-week high of $10.77; no major news announcements today
Questor Technology Inc. (V.QST) hit a new 52-week high of 42 cents; no major news announcements today
Rare Element Resources (V.RES) hit a new 52-week high of $1.99; no major news announcements today
