Hey, OGR guys, give us your shares as cheap as pos
Oro suitor reminds holders of Aug. 9 takeover deadline
2012-08-02 14:32 ET - News Release
An anonymous reporter of Wexford reports
WEXFORD REMINDS ORO MINING SHAREHOLDERS THAT BID FOR ORO MINING SHARES EXPIRES AUGUST 9, 2012 AT 5:00 P.M. (EASTERN TIME)
Wexford Capital LP is reminding the shareholders of Oro Mining Ltd. that the takeover bid offer by Wexford's managed private investment funds, Wexford Spectrum Trading Ltd. (WST) and Wexford Catalyst Trading Ltd. (WCT), to acquire any or all of the outstanding shares of Oro Mining will expire on Thursday, Aug. 9, 2012, at 5 p.m. Eastern Time.
The offer
Pursuant to the offer, Oro Mining shareholders will receive 11 cents in cash per common share of Oro Mining. The offer represents a premium of 57.1 per cent over the closing price of common shares of Oro Mining on the TSX Venture Exchange on June 13, 2012, the last business day before Wexford announced its intention to commence a takeover bid, and a premium of 76.3 per cent over the 60-day volume-weighted average price of common shares of Oro Mining of 6.24 cents on the TSX-V.
The offer is subject to certain conditions, including there being no adverse material change to Oro Mining. Wexford intends that any common shares of Oro Mining taken up under the offer will be taken up and paid for 80 per cent by WST and 20 per cent by WCT. Full details of the terms and conditions of the offer are set out in the formal offer and takeover bid circular.
Additional details of the offer
Full details regarding the offer, including instructions for shareholders regarding how to tender their Oro Mining shares to the offer, are included in the formal offer and takeover bid circular mailed to Oro Mining's shareholders in accordance with applicable securities laws. Copies of the offer, takeover bid circular and related documents are also available through the Internet at Oro Mining's profile at SEDAR.