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Buchans Minerals Corporation V.BMC



TSXV:BMC - Post by User

Post by Laphroigon Aug 31, 2018 9:03pm
147 Views
Post# 28551871

Cashed out!

Cashed out!I wonder how much we could have gotten for our 2% NSR if we had held out for a while longer. Although the price to be paid by Orion is stated by Dalradian to represent a 62% premium to the closing price of Dalradian shares on the day immediately prior to the announcement, and is recommended by the Dalradian Board supported by independent valuations and fairness opinions, the effect of the arrangement with Orion, if approved, will be to deprive Dalradian shareholders of exposure to the Curraghinalt gold project in Ireland, as Dalradian continues its exploration and development activities, and to cash out shareholders at a price which Buchans believes is inadequate and does not properly reflect the underlying value and potential of the Curraghinalt gold deposit. The underlying value and potential of the Curraghinalt gold deposit were among the main reasons Minco proposed and recommended the scheme of arrangement whereby Minco disposed of its 2% net smelter royalty on the Curraghinalt gold deposit to Dalradian and Dalradian acquired all of the shares of Minco plc in 2017. As such, the arrangement with Orion whereby Buchans, and any Buchans shareholders still holding Dalradian shares, will be involuntarily cashed out of Dalradian and Curraghinalt is considered a disappointment by Buchans.
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