19-cent bid for HDG.TO
I guess I joined the party a little late.
It looked sooooooo good with a nice gradual increase in volume, a breaking out MACD and a nice, clearly uptrend in the making. Oh well.
High Desert Gold Corp. - 2 Year Chart
-------------------------------------------------------------------------------------------------------------------
Northern Financial to make 19-cent bid for High Desert
2008-10-28 19:21 ET - News Release
See News Release (C-NFC) Northern Financial Corp (2)
Mr. Vic Alboini of Northern Financial reports
NORTHERN ANNOUNCES TAKE-OVER BID FOR HIGH DESERT GOLD
Northern Financial Corp. has acquired 824,500 common shares of HighDesert Gold Corp., representing approximately 2.05 per cent ofthe total issued common shares of HDG. The HDG shares were acquired on theToronto Stock Exchange at an average price of 17.7 cents per share. Combined withthe HDG common shares previously owned, Northern now owns a total of 7,294,900common shares, representing approximately 18.09 per cent of the total issued commonshares of HDG.
As previously disclosed, Northern believes the common shares of HDG areundervalued and wishes to assist in the enhancement of shareholder value. Assuch, Northern is pleased to announce its takeover bid for allof the issued and outstanding common shares of HDG at aprice of 19 cents per HDG share. According to publicly available information, asat Sept. 4, 2008, HDG has 40,318,500 issued and outstanding HDG shares.
Theoffer will represent a premium of approximately 31 per cent to thevolume-weighted average trading price of the HDG shares on the TorontoStock Exchange for the 60-dayperiod ended Oct. 27, 2008.
The offer will be conditional on, among other things, the deposit of thatnumber of HDG shares which, when taken together with the HDG shares alreadyowned by Northern, constitutes at least 50 per cent of the HDG shares plus one HDGshare. The offer is also conditional on, among other matters, Northerndetermining in its sole judgment that there are minimum cash resources in HDGsatisfactory to Northern at the expiry of the offer. Northern has obtained afirm commitment to provide a credit facility in the amount of $6.4-millionthat will be relied upon to take up and pay for HDG shares deposited and notwithdrawn under the offer.
The purpose of the offer is to acquire all of the HDG shares not alreadyowned by Northern.
Northern intends to commence the offer on Thursday, Oct. 30, 2008, atwhich time the offer documents will be filed with applicable securitiesregulatory authorities and copies will be delivered to HDG. Northern intendsto request a list of securityholders from HDG and, when received, Northernwill send the offer documents to HDG's securityholders. Copies of the offerdocuments will also be available on SEDAR.
We seek Safe Harbor.