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Done deal. My shares were exchanged today. See everyone over on the MUX board.
LEXVF: Lexam shareholders will receive 0.056 of a share of McEwen Mining Inc. in exchange for each share of Lexam held.
FINRA deleted symbol:
http://otce.finra.org/DLDeletions
I have a lot of faith in Rob McEwen and also like the property that Lexam brought to the table. Between the property in Argentina, USA, and Canada and Mexico lots of potential for growth. I am not expecting much growth in 2017, but 2018 and beyond looks very promising.
Yup - bottom line, I think MUX does well longer term. I don't have that much invested so I'm only down around 3 bills. Going to let it ride awhile and see what happens. With all the geopolitical stuff going on the POG could pop any day. GT's
Shoulda, woulda, coulda. Hindsight is easy. Both companies have came down since then. Both Lexam and Mcewen have taken a fall since then. It is still .056 shares of MUX for each share of Lexam.
If you go back and do the math the .056 shares of MUX exchange was calculated using a 30% premium on a 30 day avg share price ending Feb 10. Lexam shareholders received an email stating that fact. In retrospect, Lexam shareholders should have sold on the pop that day as MUX has taken approx a 30% dump since then.
The market giveth, the market taketh away,
It is simply 1 MUX share for every roughly 18 shares (17.857143) of Lexam share. None of the dates or day by day prices matter. "each Lexam common share (a “Lexam Share”) would entitle the holder to receive 0.056 of a McEwen Mining share (the "Exchange Ratio")."
NEWS RELEASE
Lexam VG Share Owners
Approve the Acquisition by McEwen Mining
April 12, 2017, Toronto, Ontario, Canada: Lexam VG Gold Inc. (TSX: LEX, FRANKFURT: VN3A, OTCQX: LEXVF) is pleased to announce that its Share Owners voted in favour of the Arrangement Agreement for the acquisition of Lexam VG by McEwen Mining Inc. (NYSE & TSX: MUX) at its Special Meeting of Shareholders today.
A total of 46.1% of Lexam’s 226,570,860 issued and outstanding shares were voted. Lexam VG Share Owners approved the resolution approving the arrangement by a wide margin. To be effective, the arrangement resolution required the approval of:
• At least 66 ?% of the votes cast on the resolution to approve the Arrangement by the Lexam Shareholders present in person or represented by proxy and entitled to vote at the Meeting. Results of this vote are as follows:
Shareholders
Votes For Shareholders
Votes Against Total Shareholders
Votes Percentage
For Percentage Against
97,218,151 7,181,411 104,399,562 93.1% 6.9%
and
• At least a majority of the votes cast on the resolution to approve the Arrangement by the minority Lexam Shareholders present in person or represented by proxy and entitled to vote at the Meeting. The minority Shareholders exclude the shares of Lexam held by Rob McEwen:
Minority Shareholders Votes For Minority Shareholders Votes Against Total Minority Shareholders Votes Percentage
For Percentage Against
36,478,189 7,181,411 43,659,600 83.6% 16.4%
The formal report of the voting results of the Meeting will also be filed on the SEDAR website at www.sedar.com.
Next Steps in the Transaction
The TSX Exchange has conditionally approved the arrangement transaction. Application for approval is also being made by McEwen Mining of the NYSE. The arrangement transaction also requires a final order of the Ontario Superior Court of Justice. A Notice of Application for the final order has been filed and is expected to be heard by the Court on April 19, 2017. Closing of the transaction is expected shortly after receipt of the final court order and all regulatory approvals.
In the interim, Lexam VG Share Owners should complete and return the letters of transmittal that have been sent to them along with the shareholder meeting materials. Any Share Owner who requires additional copies of the letter of transmittal can obtain them on SEDAR under Lexam VG’s issuer profile at www.sedar.com, on Lexam’s website at http://www.lexamvggold.com/ProxyCircular2017.php, by contacting Lexam VG’s depositary, at
Toll Free 1-800-564-6253 (North America) or
Collect Call 1-514-982-7555 (outside North America), or
Email at: corporateactions@computershare.com.
Contact:
Mihaela Iancu, Director, Corporate Administration
Email: info@lexamvggold.com
Toll Free: 866-441-0690
Tel: 647-258-0395 ext. 320
Fax: 647-258-0408
Lexam VG Gold Inc.
150 King Street West, Suite 2800
Toronto, ON
Canada
M5H 1J9
Thanks, 4God... eom
I understand it to be that shareholders would receive a premium of 30% to the 30-day volume ending Feb. 10, 2017
Just to be clear -
Does the 30 day average go into effect the day this deal is ratified by lexam shareholders? That would be my take. So, until this is voted on there is no 30 day average? Asking?
Woody
That looks right. Thanks
17.857 LEX shares per MUX
Yup, I guess we get .056 shares of MUX per LEXVF share. MUX had a good 2016 - we'll see how this works out. GT's
Looks like we are right there now, good luck with your new shares.
I own LEXVF - 30day avg from 1/10 - 2/10 is .1764 (x 1.3 = .2293)
Nice steal Rob
Do you have a 30 Day average price?
Was just going to post this. Niceeeee!
McEwen Mining Announces Friendly Acquisition of Lexam VG Gold
TORONTO, Feb. 13, 2017 (GLOBE NEWSWIRE) -- McEwen Mining Inc. ("McEwen Mining") (NYSE:MUX) (TSX:MUX) and Lexam VG Gold Inc. (the “Company” or “Lexam”) (TSX:LEX) (OTCQX:LEXVF), have entered into an agreement pursuant to which McEwen Mining would acquire all of the issued and outstanding securities of Lexam by way of plan of arrangement (the "Arrangement") and Lexam would become a wholly-owned subsidiary of McEwen Mining. The proposed arrangement is subject to approval by the shareholders of Lexam.
Pursuant to the Arrangement, each Lexam common share (a “Lexam Share”) would entitle the holder to receive 0.056 of a McEwen Mining share (the "Exchange Ratio"). Lexam shareholders would receive a premium of 30% to the 30-day volume weighted average price (VWAP) of the Lexam Shares.
“Lexam’s assets include multiple advanced exploration projects located in the prolific gold camp of Timmins, Ontario. Lexam’s primary projects are past producers with defined resources and excellent infrastructure. The proposed transaction would give the Lexam shareholders access to McEwen Mining’s technical and financial resources enabling the projects to be advanced towards production. Lexam shareholders will also gain exposure to a growing gold and silver producer, with a diversified portfolio of projects throughout the Americas,” commented Rob McEwen, Chief owner of both McEwen Mining and Lexam.
Benefits of the Transaction for Lexam Shareholders:
Ability to fund development and construction of the Timmins Properties with McEwen Mining’s existing financial resources; Access to McEwen Mining’s experienced and disciplined management team with an accomplished history in gold exploration, open-pit and underground mining, and mine development;Exposure to McEwen Mining’s diversified portfolio of producing operations and development projects; andLexam shareholders receive an attractive premium of approximately 30% to the 30-day VWAP of the Lexam Shares and greatly enhanced liquidity of dual stock exchanges within the US and Canada.Benefits of the Transaction for McEwen Mining Shareholders:
Adds Measured and Indicated gold resources of 1,468,500 ounces and Inferred gold resources of 954,000 ounces to McEwen Mining’s resource base in a premier geopolitically stable mining jurisdiction;Enhances McEwen Mining’s development and production pipeline with the potential to commence production of the Timmins properties within 24 months; andSubstantial exploration potential.Details of the Arrangement
If the Arrangement is completed and based on the current outstanding Lexam Shares, McEwen Mining will issue a total of 12,689,709 shares of McEwen Mining common stock (the “McEwen Mining Shares”) to the shareholders of Lexam. Based on a price of USD $4.23 per McEwen Mining Share, being the closing price on the NYSE on February 10, 2017, the Exchange Ratio represents an offer price of CDN $0.31 per Lexam Share, being a premium of 30 % over the volume weighted average price of Lexam Shares for the period comprising the 30 trading days ended on February 10, 2017.
In order to comply with NYSE rules, Robert R. McEwen will not be entitled to receive newly-issued shares of McEwen Mining representing more than 1% of the currently issued and outstanding shares of McEwen Mining without obtaining the prior approval of McEwen Mining shareholders, which is expected to be obtained at the next annual meeting of McEwen Mining shareholders. If such shareholder approval is not obtained, McEwen Mining will pay for such excess shares in cash.
To be effective, the Arrangement must be approved at a meeting of the shareholders of Lexam ( the “Lexam Meeting”) by: (i) at least 66 ?% of the votes cast on the resolution to approve the Arrangement by the Lexam Shareholders present in person or represented by proxy and entitled to vote at the Lexam Meeting; and (ii) at least a majority of the votes cast on the resolution to approve the Arrangement by the minority Lexam Shareholders present in person or represented by proxy and entitled to vote at the Lexam Meeting. The minority shareholders are defined by securities legislation and, among others will exclude the shares of Lexam held by the directors of McEwen Mining, including Mr. Robert McEwen.
The Arrangement agreement includes customary deal protection and non-solicitation provisions in favour of McEwen Mining, including a break fee of $2.1 million payable to McEwen Mining in certain circumstances, and fiduciary out provisions for the benefit of Lexam. Lexam is entitled to a reverse break fee of the same amount payable in certain other circumstances.
Completion of the Arrangement is also subject to certain other conditions including approval by the TSX, the NYSE and the Ontario Superior Court of Justice (Commercial List).
The Arrangement was approved by the Board of Directors of each of McEwen Mining and Lexam upon recommendation, in each case of a special committee of independent and disinterested directors, after the special committees consulted with their independent legal and financial advisors. Messrs. Robert R. McEwen and Richard Brissenden noted their respective conflicts as directors of Lexam and McEwen Mining and abstained from voting in connection with the approval of the Arrangement by the Board of Directors of each company.
Overview of Lexam’s Timmins Properties
Upon closing, McEwen Mining will own 100% interest in the Buffalo Ankerite, Fuller and Davidson Tisdale properties, and a 61% interest in the Paymaster property, with the remaining 39% of mineral rights held by Goldcorp Inc.
Lexam controls a cluster of four past-producing gold properties, both with open-pit and underground potential. The properties are located within the world-renowned Abitibi greenstone belt in proximity to the Porcupine-Destor Fault Zone. Lexam’s projects are situated within two claim blocks, one in the northern part of Tisdale Township (the Davidson Tisdale block located approximately five kilometres southeast of Timmins city centre) and a second block of contiguous claims comprising the Buffalo Ankerite, Fuller, and Paymaster properties located in Tisdale and Deloro Townships roughly nine kilometers to the east-northeast of Timmins city centre. The relative locations of the properties can be seen in Figure 1 below.
Figure 1: Lexam VG Gold Property Locations: globenewswire.com
Nice pop today. Hopefully she holds gains. I very foolishly allowed a 40% gain to slip through my fingers. Hate red!
Haha nice!!! You must have gotten filled! :) let's roll!!!!
Talking about consilidation in the timmins camp ...can mean all or nothing...
Rob McEwen interview on Lexam :
http://www.b-tv.com/lexam-ceo-clip/
Long way back to the 30s 40s we need some news
ASK 30,7.....
Been a few years - I'd love to see another run like we had in Feb of this year. That'd send us to a $1 - woo woo!!
I think we are more likely to see more of a Mar-Apr type move. Still, that would put us into the 40's - pretty nice Christmas present.
Small step and the 30s are back
We should see a nice move from here.
ASK at only 26.....
Goldprice is testing the 1300 soon....looks like...
on the other hand "deutsche bank" is the next lehman
Yup - I am holding 3 explorers at the moment - all three up today - then again, so were all stock indices, including the HUI, XAU, and GDX - odds of a rate hike in Sept fell to 12% today too - gold stocks are frequently ahead of the metal - if (huge word) the fed is going to leave rates unchanged, money should flow to the PM's - that means more profits for the miners - perhaps it's just that simple
Still strange, others on my list a green too, gold has fallen 0,7%
These exploration plays move on dreams and rumors. The price of gold is secondary to how much of it you have (if any).
Smells a bit like interest on this bad days for Gold are increasing for Lexam....
A good pr-Update after a long time of nothing could lift this high..
Maybe a financing without dillution thanks to the gas project Baca, if we only find a buyer!,
We only must wait for the press releases of the items that i wrote down here so'e days ago, only then u will see the share jump
Think the same
Glta
Very similar pattern to the one in the 2nd half of April. Expecting the mid .30's soon.
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