Glamis Gold agrees to acquire Rayrock

Article Abstract:

Glamis Gold Ltd., based in Reno, NV, has agreed to purchase Toronto, Ontario-based Rayrock Resources Inc. for around C$145 million. The deal was effected a day before the set meeting by Quest Vantures Ltd., which holds 8% of Rayrock and which intends to obtain the best price for Rayrock's shares and would ensure the deal is completed. Glamis offered to exchange 2.2 shares or 1.5 shares plus C$3 in cash for every share in Rayrock, with the cash portion limited to C$24 million. The deal is awaiting shareholder approval, although it has already received the support of BlackRock Ventures Inc., which owns 25.5% of Rayrock.

Comment:

Agrees to purchase Toronto, Ontario-based Rayrock Resources Inc for around C$145 mil

Ontario, Nevada, Glamis Gold Ltd., Article, Rayrock Resources Ltd.

Barrick makes friendly bid for Sutton

Article Abstract:

Barrick Gold Corp has announced a deal to acquire Sutton Resources Ltd of Vancouver, British Columbia, for C$500 million. Under the proposed deal, Barrick will pay Sutton shareholders 0.435 of its share for each Sutton share held, or an equivalent of C$12.60 per share. Sutton has 39.6 million shares outstanding on a fully diluted basis. The proposed deal came nine days after Barrick failed in its C$183-million hostile bid for Argentina Gold Corp.

Sutton Resources Ltd.

Aur hits Cambior with $148-million hostile bid

Article Abstract:

Montreal, Que.-based Cambior Inc. has received a $148 million hostile takeover bid from Toronto, Ont.-based AUR Resources Inc. Cambior, which has been hurt by growing debt, lost value due to its disastrous gold hedging startegies.

Gold ores, Mergers, acquisitions and divestments, Mining industry, Gold industry, AUR Resources Inc., Cambior Inc.