Chinese cash offer for "an ex Jacques Perron" miner goes on Majority of TMAC shareholders vote for Shandong deal
TMAC Resources intends to seek a final order of the Ontario Superior Court of Justice tomorrow to approve the takeover by Shandong Gold Mining, after the majority of shareholders voted in favour of the deal.
Majority of TMAC shareholders vote for Shandong deal
TMAC said of the votes cast last week, representing 74.9% of its shares, 97.08% were in favour of the Shandong transaction announced in May.
The Chinese company, which this month also proposed an all-cash offer for Ghana-focused Cardinal Resources, will pay C$1.75 per TMAC share.
TMAC had initiated a strategic review process in January after another disappointing quarter at its troubled, remote Hope Bay mine in Nunavut.
The operation produced 32,290 ounces of gold in the March quarter at an all-in sustaining cost of US$1,317/oz, a lower AISC than the previous period due to increases in recoveries and grade.
TMAC also announced on Friday its executive VP operations Calum Semple would join the board to replace Jacques Perron, who was recently appointed president and CEO of fellow Canada-based gold producer Pretium Resources.
TMAC's share price (TSX: TMR) had fallen from $6.95 in July 2019 to a low of 44c in April.
It closed up 1.2% on Friday to $1.65, to capitalise it about $215 million (US$157 million).
-------
in May 2019 TMAC released about Jacque:
TMAC Resources Strengthens Board of Directors with Appointment of Jacques Perron
05/09/2019
TORONTO--(BUSINESS WIRE)-- TMAC Resources Inc. (TSX:TMR) (“TMAC” or the “Company”) is pleased to announce the appointment of Jacques Perron to its Board of Directors effective May 9, 2019. Mr. Perron brings over 35 years of experience in mining including extensive senior executive and corporate Board member experience. His strong operating and technical experience will benefit TMAC, including as chair of the Technical Committee of the Board.
Terry MacGibbon, Executive Chairperson, stated, “I would like to welcome Jacques to the Board of TMAC Resources. He has unique experience as an executive in the mining sector as both a CEO and in leading operations during a long career, having retired as an executive in 2016. In addition to Jacques’ operating and technical experience, TMAC will also benefit from him chairing the Technical Committee of the Board, and Jacques’ broad experience in other key areas including M&A, balance sheet management and developing organizational leaders.”
Mr. Perron is a seasoned mining executive with over 35 years of progressive technical, operation and management experience in the mining industry. He was appointed as a Director of Centerra Gold Inc. in October 2016, as a Director of Victoria Gold Corp. in June 2018, and most recently he was appointed as a Director of Aquila Resources Inc. in November 2018. Mr. Perron has previously served on the Boards of Osisko Gold Royalties, Thompson Creek Metals and St Andrew Goldfields. Mr. Perron was President and Chief Executive Officer of Thompson Creek Metals Company from 2013 to 2016. Prior to joining Thompson Creek, he was President and Chief Executive Officer of St Andrew Goldfields from 2007. Mr. Perron previously worked as Senior Vice President, Americas at IAMGOLD from 2006 to 2007 and Vice President, Canada at Cambior Inc. from 2004 to 2006. From 1984 to 2004, Mr. Perron held a variety of increasingly senior management positions with Cameco Inc., Placer Dome Canada Limited, Breakwater Resources Ltd., Cambior Inc., JS Redpath Ltd. and Noranda Inc. Mr. Perron graduated from cole Polytechnique de Montral with a Bachelor of Applied Science in Mining Engineering.