Good Management - AUQ If we could do the same with the sale of Aquarius all things are possible ... 3 $ Cheers Moe4u
Mr. Scott Perry reports
AURICO GOLD ANNOUNCES US$300M SHARE BUY-BACK THROUGH SUBSTANTIAL ISSUER BID
AuRico Gold Inc., following its receipt of gross proceeds of $750-million (U.S.) relating to the recent sale of the Ocampo mine, has authorized the making of a substantial issuer bid, pursuant to which the company will offer to purchase for cancellation up to 36,144,578 of its outstanding common shares for a total purchase price not exceeding $300-million (U.S.). AuRico anticipates that the offer will commence on or about Dec. 18, 2012, and be completed in late January 2013, unless extended or withdrawn. The company intends to finance purchases of shares pursuant to the offer from the Ocampo proceeds and has used $128-million (U.S.) of the proceeds to retire its existing debt facility.
The offer will proceed by way of a modified Dutch auction, pursuant to which AuRico shareholders may deposit all or a portion of their shares at a price within a range of not less than $8.30 (U.S.) per share and not more than $9.30 (U.S.) per share (with increments of five cents per share within that range). The modified Dutch auction tender process allows shareholders to individually select the price, within the specified range, at which they are willing to sell all or a portion of their shares. When the offer expires, AuRico will select the purchase price of the tendered shares which will be the lowest tendered price within the range of prices, enabling the company to purchase up to the maximum number of shares validly tendered to the offer. All shares tendered at or below the selected price level will be bought at the purchase price. If the total cost to purchase the tendered shares exceeds $300-million (U.S.), the company will accept such shares on a pro rata basis.
Mr. Scott Perry reports
AURICO GOLD ANNOUNCES US$300M SHARE BUY-BACK THROUGH SUBSTANTIAL ISSUER BID
AuRico Gold Inc., following its receipt of gross proceeds of $750-million (U.S.) relating to the recent sale of the Ocampo mine, has authorized the making of a substantial issuer bid, pursuant to which the company will offer to purchase for cancellation up to 36,144,578 of its outstanding common shares for a total purchase price not exceeding $300-million (U.S.). AuRico anticipates that the offer will commence on or about Dec. 18, 2012, and be completed in late January 2013, unless extended or withdrawn. The company intends to finance purchases of shares pursuant to the offer from the Ocampo proceeds and has used $128-million (U.S.) of the proceeds to retire its existing debt facility.
The offer will proceed by way of a modified Dutch auction, pursuant to which AuRico shareholders may deposit all or a portion of their shares at a price within a range of not less than $8.30 (U.S.) per share and not more than $9.30 (U.S.) per share (with increments of five cents per share within that range). The modified Dutch auction tender process allows shareholders to individually select the price, within the specified range, at which they are willing to sell all or a portion of their shares. When the offer expires, AuRico will select the purchase price of the tendered shares which will be the lowest tendered price within the range of prices, enabling the company to purchase up to the maximum number of shares validly tendered to the offer. All shares tendered at or below the selected price level will be bought at the purchase price. If the total cost to purchase the tendered shares exceeds $300-million (U.S.), the company will accept such shares on a pro rata basis.
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