Chinese mining company, Zijin Mining Group Company Ltd (Zijin) has revealed that it had signed an agreement with the Canadian-owned Guyana Goldfields Inc (GCI) to acquire Aurora Gold Mines (AGM).
In a joint statement released, both companies disclosed they were happy to announce that the previously announced statutory plan of arrangement under the Canada Business Corporations Act which involves Guyana, Zijin and Canada Inc, an indirect, wholly owned subsidiary of Zijin has been completed after the receipt of all necessary regulatory approvals and fulfilment of all closing conditions.
The statement revealed that Zijin has acquired all of the issued and outstanding common shares of GCI not already owned by Zijin in line with the agreement.
The statement read: “Each Guyana shareholder is entitled to receive cash consideration of C$1.85 (One Canadian dollar-US$0.75 cents) per share held.”
The statement noted that registered Guyana shareholders should send their duly executed letters of transmittal and certificates that represent their shares to the depositary, TSX Trust, in line with the instructions specified in the letter of transmittal as soon as possible.
GCI and Zijin said the shares are expected to be delisted from the Toronto Stock Exchange under three business days and that Zijin will apply for GCI to stop being a reporting issuer under applicable Canadian securities laws.
Guyana Goldfields Inc is a Canadian-based gold producing firm that focuses primarily on the exploration, development and operation of gold deposits in Guyana, South America. Zijin was incorporated in 1993 and it is a leading international mining company that specialises in gold, copper, zinc and other mineral resources’ exploration and development.
