I looked at it a few months ago and passed, then didn't look again. Clearly a mistake because it seems Agnico Eagle (AEM) was looking at it around the same time...and AEM didn't pass.
Press Release Source: Grayd Resource Corporation and Agnico-Eagle Mines Limited On Monday September 19, 2011, 6:00 am EDTTORONTO, ONTARIO--(Marketwire -09/19/11)- (All amounts expressed in Canadian dollars unless otherwise noted)
Agnico-Eagle Mines Limited ("Agnico-Eagle") (NYSE: AEM - News)(TSX: AEM - News) and Grayd Resource Corporation ("Grayd") (TSX-V: GYD.V - News)(OTCQX: GYDRF.PK - News) jointly announce that they have entered into an acquisition agreement, pursuant to which Agnico-Eagle has agreed to offer to acquire all of the outstanding common shares of Grayd at $2.80 per share by way of a take-over bid. The transaction is valued at approximately $275 million on a fully-diluted basis. The offer price of $2.80 per Grayd share represents a premium of 65.7% to the volume weighted average price of Grayd shares on the TSX Venture Exchange for the 20-day period ended September 16, 2011 (the last trading day prior to announcement of the transaction).
Grayd shareholders will be entitled to receive, at their option, for each Grayd share they own either $2.80 in cash or 0.04039 of an Agnico-Eagle share and $0.05 in cash, in each case subject to pro ration. The maximum amount of cash payable by Agnico-Eagle under the offer will be equal to one third of the total consideration (approximately $92 million). The maximum number of shares issuable by Agnico-Eagle under the offer will be approximately 2.7 million (based on the number of Grayd shares outstanding on September 19, 2011 on a fully-diluted basis), or approximately 1.4% of Agnico-Eagle's outstanding shares on a fully diluted basis.CONTINUES HERE
Good job the news wasn't leaked to the chosen few on Friday, eh?
Congrats due to GYD.v and all longs on the stock, but the fun part of all of us here is the precedent AEM has just set. A major has just bought a bulk mining gold property in Mexico (other decent exploration assets on top of that) with just 1.26m oz gold under 43-101 compliance. I look at my juniors portfolio and I like that a lot.