Victoria Gold: Notice of Expiry of Offer for ATAC Resources Victoria Gold: Notice of Expiry of Offer for ATAC ResourcesGlobeNewswireFebruary 13, 2023WHITEHORSE, Yukon, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Victoria Gold Corp. (TSX-VGCX) ("Victoria" or the "Company") is providing notice that its proposed offer to ATAC Resources Ltd. ("ATAC") will expire at the close of business on February 17, 2023.
On January 12, 2023, Victoria submitted a non-binding proposal to acquire 100% of the issued share capital of ATAC. Victoria proposed to offer C$0.12 per ATAC share, payable in Victoria shares.
On January 17, 2023, ATAC declined Victoria's proposal. Followin g subsequent discussions between ATAC and Victoria and their respective advisors, ATAC formally confirmed its rejection of Victoria's proposal on February 7, 2023.
Victoria believes its offer is fair and generous consideration for ATAC shareholders. Victoria's offer implies a premium of 85 percent to ATAC's closing share price on February 10, 2023.
"With our demonstrated track record permitting, financing, constructing and operating the Eagle Gold Mine in Yukon, we believe that we can add value to ATAC's portfolio which would benefit shareholders of both companies," stated John McConnell, President and CEO of Vi ctoria. "Our offer is more than reasonable given that, although we see opportunities at ATAC's properties, we are also aware that risks lie ahead, including the uncertainty surrounding the advancement of permits at the Rackla Gold Property. We will not be increasing our offer consideration. We are disappointed our offer has not been taken to ATAC shareholders and we hope that ATAC's Board of Directors will reconsider not allowing shareholders to decide the outcome for their company."
To provide ATAC's Board of Directors time to reconsider its prior rejection of Victoria's offer, Victoria is extending its offer until 5:00pm (Vancouver time) on Friday, February 17, 2023. Following this, Victoria's proposal to acquire ATAC will expire. Victoria has no intention of commencing a hostile take-over offer .