Jan 07, 2008 (M2 EQUITYBITES via COMTEX) -- NEM | news | PowerRating | PR Charts -- Newmont Mining Corporation (NYSE: NEM), a gold company, said on 4 January that its indirect wholly-owned subsidiary Newmont Mining B.C. Limited, has entered into an agreement to purchase 189,393,986 common shares of the Canadian gold company Miramar Mining Corporation (Amex: MNG) (TSX: MAE | news | PowerRating | PR Charts ) at a cash price of CAD6.25 per share of its common stock. The company said the common shares taken up under the offer represent around 92% of the outstanding common shares of Miramar, not including the 18,500,000 common shares indirectly owned by Newmont at the time it made the offer.
The common shares that have been taken up under the offer, together with the 18,500,000 common shares already indirectly owned by Newmont, reportedly represent about 93% of the outstanding common shares of Miramar. Newmont stated that it is extending the period for acceptance of its offer until 20:00 (Toronto time) on 18 January 2008 to enable shareholders of Miramar that have not yet tendered to the offer, to do so. Newmont confirmed that it plans to proceed to acquire any common shares of Miramar that are not tendered to the offer pursuant to statutory compulsory acquisition rights.
AI
