The Russian miner looks to takeover Carlisle Gold Fields in a hostile takeover – not that it’s calling it that yet.
HALIFAX, NS (MINEWEB) – Now you get some thick stuff on this one. Carlisle Goldfields, which owns some near surface gold assets in Manitoba, numbering close to two million ounces in highish-grade resources, has become the bargain prize in an atypical tussle between two intermediates gold miners.
The twisting, and extremely caveat-ridden language in multiple press releases out of Carlisle and Nord Gold sets the tone of what may prove a nasty tug-o-war. From Carlisle today:
“Nordgold issued a news release this morning announcing its request for Carlisle’s consent to make a take-over bid. Carlisle is of the view that, although the request made to Carlisle may be in compliance with the Mutual Confidentiality Agreement, the news release in that regard is in clear violation of the terms of the agreement.”
You may have to read the last line at least twice. Carlisle says Nordgold may be in compliance with a confidentiality agreement, but that it is also in clear violation of said agreement. A little convoluted to say the least.
As for the first part of the statement, Carlisle gets to the key issue that confronts the micro-takeover offer (~$24 million) from Nordgold for Carlisle. Nordgold had to ask to make a take-over bid (which hasn’t been made, but the broad details of which Nordgold makes known) because it was in a two-year confidentiality agreement with Carlisle that included restrictive terms around takeovers.
Now since that confidentiality agreement was signed, Carlisle went ahead and did a strategic financing/asset deal with AuRico which puts the intermediate gold miner in the driver’s seat of Carlisle’s flagship projects. This was two days ago.
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