Elgin Mining Inc ELGMF

Elgin moving higher on strength of Mandalay stock

[profess]

Elgin's share price is moving up to reflect the Mandalay share exchange ratio being offered in the takeover deal ie. 2.5 Elgin shares for 1 Mandalay share.  That's better than the 37 cent cash offer for Elgin and gives investors added incentive to max out on Mandalay shares.

So far so good IMO.  I think Mandalay still has significant upside potential once the deal is consummated.  I can see the stock going north of $2 by EOY.  I'm even going to buy more MND here.

GLTA

[pecorina]

Profess: kindly clarify/reconfirm the exchange is now 2.5 x ELG for 1.O x Mnd. I cud not find any PR on this Independent from this, we had a post suggesting that the "merger" has been in the pipeline for long time and I do wonder whether we could generate reliable info as to whether this started prior to Sept 13 when they shoved the twenty cents warrants into their pockets -- in the

[profess]

pecorina the arrangement agreement proposes that Mandalay will acquire all of the outstanding common shares of Elgin for consideration consisting of C$0.37 cash or 0.4111 of a Mandalay common share per Elgin common share, subject to pro ration.  The share exchange ratio therefore equates to 1 / .4111 or 2.4325 Elgin shares for 1 Mandalay share.  OK - I admit I didn't factor in the