mining engineering: las brisas

Showing posts with label las brisas. Show all posts

Monday, December 15, 2008

Rusoro (RML.v) bids for Gold Reserve (GRZ)

Don't say I didn't warn you.

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Rusoro Launches Take-Over Bid for Gold Reserve
Monday December 15, 8:27 am ET

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Dec 15, 2008 -- Rusoro Mining Ltd. (CDNX:RML.V - News) ("Rusoro" or the "Company") today announced a take-over bid (the "Take-Over Bid") for Gold Reserve Inc. ("Gold Reserve") (Toronto:GRZ.TO - News)(NYSE-A: GRZ). Rusoro is offering Gold Reserve shareholders and equity unit holders (collectively, the "Gold Reserve Equityholders") 3 Rusoro common shares for each Gold Reserve Class A common share and each Gold Reserve equity unit (collectively, the "Gold Reserve Equity"). The offer values Gold Reserve at C$1.08 per each Class A common share and each equity unit, and represents a premium of 140% based on the December 12, 2008 closing prices for Rusoro and Gold Reserve on the TSX Venture Exchange ("TSXV") and the Toronto Stock Exchange ("TSX"), respectively, and a premium of 209% based on the volume-weighted average trading yada yada continues here

UPDATE: Just looking back at previous posts. In this one dated August 28th I actually mentioned that RML.v would offer three shares for every GRZ. Weird world, no?

UPDATE 2: GRZ has just released its own PR on the subject, linked right here. Nothing unexpected (and expect the company to reject this offer) bar this cute little wrinkle in the story:

On Friday, December 12, 2008, the Board of Directors received a non-binding proposal from Rusoro and received calls from representatives of Rusoro’s legal counsel and its financial advisor Endeavour Financial Corporation (TSX:EDV - News) (Endeavour”) regarding the proposal. On Sunday, December 14, 2008, Gold Reserve sent letters to each of Rusoro and Endeavour expressing concerns about the role of Endeavour in Rusoro’s Offer. Endeavour also provides advisory services to Gold Reserve and has in depth knowledge of confidential and proprietary information about Gold Reserve. In the circumstances, Gold Reserve believes that the Offer cannot proceed and, together with its financial and legal advisors, is considering its options to protect shareholder interests.

Just out of snarkygossipy interest, a couple of weeks a go a guy from Endeavour (who will remain un-named) tried to join the IncaKolaNews e-mailing list, a request that was rejected, FWIW. Now why on the Lord's little planet would a EDV.to be interested in this lil' corner of cyberspace? LOL!

Thursday, November 6, 2008

Breaking news on GRZ

Bad news for KRY shareholders: they've already changed the name

I nailed that sucker. This from the wires.

VENEZUELA SAYS TO OFFER RUSSIAN RUSORO VENTURE AT LAS BRISAS, NOW OPERATED BY GOLD RESERVE

UPDATE: here's the Reuters version.

Venezuela to offer Russians Crystallex gold project
Thu Nov 6, 2008 12:56pm EST

CARACAS, Nov 6 (Reuters) - Venezuela said it will offer a joint venture to Russian-owned miner Rusoro (RML.V: Quote, Profile, Research, Stock Buzz) to operate the Las Cristinas and Brisas gold projects, currently under contract to two Canadian companies, Mining minister Rodolfo Sanz on Thursday.

He told a Russian delegation that a memorandum of understanding would soon be signed with Rusoro.

It appeared that Sanz intends to replace the Canadian companies who operate the projects that contain some of Latin America's largest gold deposits, with Rusoro, but he did not mention their names.

Las Cristinas is currently operated by Canada's Crystallex (KRY.TO: Quote, Profile, Research, Stock Buzz), which had waited for years for an environmental permit to start building a mine at the site. The minister on Wednesday said that the government was taking control of Las Cristinas and would start the mine next year.

Nearby Brisas is operated by Gold Reserve (GRZ.TO: Quote, Profile, Research, Stock Buzz) which had also been waiting for permits to start mining the gold and copper deposit. (Reporting by Brian Ellsworth; Writing by Frank Jack Daniel)

UPDATE 2: Now you know this story is gonna get a lot of fun!!! LOL!!!

CARACAS (Dow Jones)--Venezuelan Mining Minister Rodolfo Sanz denied Thursday that the government was planning to offer the Las Cristinas gold mine, one of the largest in Latin America, to Rusoro Mining Ltd. (RML.V) after taking back the mine from Crystallex (KRY).

UPDATE 3: ALL ABOARD!! GRZ insider filings from today

Nov 06/08	Nov 05/08	Timm, Rockne	Direct Ownership	Common Shares Class A Common Shares	46 - Compensation for services	50,000	$0.550
Nov 06/08	Nov 05/08	Timm, Rockne	Direct Ownership	Rights Unvested Restricted Shares	57 - Exercise of rights	-50,000
Nov 06/08	Nov 05/08	Geyer, James	Direct Ownership	Common Shares Class A Common Shares	46 - Compensation for services	30,000	$0.550
Nov 06/08	Nov 05/08	Geyer, James	Direct Ownership	Rights Unvested Restricted Shares	57 - Exercise of rights	-30,000
Nov 06/08	Nov 05/08	Stewart, Douglas	Direct Ownership	Common Shares Class A Common Shares	46 - Compensation for services	20,000	$0.550
Nov 06/08	Nov 05/08	Stewart, Douglas	Direct Ownership	Rights Unvested Restricted Shares	57 - Exercise of rights	-20,000
Nov 06/08	Nov 05/08	Smith, Mary	Direct Ownership	Common Shares Class A Common Shares	46 - Compensation for services	17,000	$0.550
Nov 06/08	Nov 05/08	Smith, Mary	Direct Ownership	Rights Unvested Restricted Shares	57 - Exercise of rights	-17,000
Nov 06/08	Nov 05/08	Belanger, A. Douglas	Direct Ownership	Common Shares Class A Common Shares	46 - Compensation for services	45,000	$0.550
Nov 06/08	Nov 05/08	Belanger, A. Douglas	Direct Ownership	Rights Unvested Restricted Shares	57 - Exercise of rights	-45,000

Stop the world! IKN makes Canada's Financial Post!

Now who is that insightful blogger they be talkin' bout, huh?

UPDATE: I've had two mails so far so let's nip this in the bud now. No, that photo is not me. I just plugged "shocked expression" into Google images and picked that one.