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High River Gold Mines Ltd HRIVF



GREY:HRIVF - Post by User

Post by Sharpmanon Jul 28, 2009 5:49pm
324 Views
Post# 16173201

Just Recieved for your information

Just Recieved for your information
We have gathered the majority of the minority (more than 160M shares) to not tender against the $.22 offer. Due to summer holidays, there are many that did not send in the reject letter, so the actual numbers that will not tender are likley higher. I do not see the new $.30 bid announced today making any difference. If we all stick to what we signed in the 'Reject Severstal Offer' letter, then this higher bid will not succeed either for Severstal.

The good news with today's HRG press release is that it looks as though Severstal is giving up after August 10. Thereafter, it will only make sense for them to realize on their investment in HRG and start running this business for maximum value to ALL shareholders. If they do in fact take on this new direction, then we will all be aligned in our motivations. There is no reason this stock can not get $1-3 range that many of us think it should be. Q2 profit and cashflow will be stronger than Q1, debt is reducing and gold production increasing. Also, looks like gold price ready to rise.

Below are Share Counts (posted on Stockhouse yesterday)
"There are approx. 648M HRG shares outstanding with the minority holding approx. 277M and Severstal holding the other approx. 371M shares. I have collected 637 letters and e-mails to date identifying over 61,497,164 shares that will not be tendered at $.22. Out of this number, the holders of 53,457,843 shares have indicated that the average share price that they would consider tendering at is $1.44. In addition, it has been confirmed to me that a group of institutions with over 100M shares will not be tendering at $.22. These institutions have said that their minimum tender price would be $1. I am hoping these institutions will raise their minimum tender price due to the overall results.

Therefore, with over 160M shares not tendering, it looks like we have been successful in getting the majority of the minority to support us. As long as minority shareholders stick together and do not tender to higher offers, this majority of minority will block any low priced amalgamation or ' plan of arrangement' proposals that Severstal might put forth."
What to do in reaction to the higher bid?

If you have already signed the letter and sent to me, then do nothing. You have stated your tender price. Stick to it. If you have not already faxed me your letter, change the price that you are rejecting of $.22 to $.30 and put in your tender price, sign and fax to me. 604-718-2638 or rainerc7@gmail.com .

DO NOT FAX ME A NEW LETTER IF YOU HAVE ALREADY SENT ONE. THANKS.
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