Laurion Mineral Exploration Inc. V.LME

Bids are building!

[mithril56]

[Level 2 Data attached]

Scotia is trying really hard to pick up over 100k of shares.  They have bids at $0.40 and $0.395.  Not a whole lot of shares for sale.  LME seems poised to pop any moment.

[ahsineeg]

Not surprising. Maybe a deal is close. Found a really interesting doc outlining how buyouts are structured and the timeline of events.  https://mcmillan.ca/wp-content/uploads/2020/12/189106_Legal-Framework-.pd_.pdf Forming the special committee is significant AND the special committee retaining a financial advisor is significant.  Timeline of events is on Page 9.  Day

[Wmaver]

i said it last year... and was wrong... but i will say it again.... lol  It would make things nice and easy to have the AGM be the shareholder vote on the buyout offer.   As we are getting down to the wire, i am guessing the AGM will be 3or 4th week of Nov now. either way there is always a little FOMO leading up to the AGM,  might help us see that uptick!

[Smitty64]

I feel like before any advancements are made in regards to a buyout, the drilling that Steve informed us is happening in October needs to commence and results need to be published. My thinking is that they have utilized numerous resources (aerial survey, etc) to determine the richest mineralization deposits on the property and will use these assay results to help convince any doubtful board

[matlas]

I was planning on staying away until after the BO announced, but couldn't help commenting on what I have pasted below, which is on page 9, days 2-10 of the document from McMillan. For those of you who believe that Roger does not have any info we don't. as thev line from the song goes, "it ain't necessarily so". Furthermore, even if he had to sign a NDA, may not have been

[ahsineeg]

All the news LME has put out this year point to a buy out being finalized RIGHT NOW.  -special committee was recently formed. -a director of the corporation made an agreement with a firm to advise on a transaction  -a director made this agreement and not Cynthia, because Cynthia isn't part of the special committee. The special committee is made up of ONLY independent

[newbie8484]

Thanks for the insight Asineeg! I can't help but notice your name is the same as a the Laurion wholly-owned subsidiary, Ahsineeg Inc. and Ahsineeg's private investment group? Is this just a coincidence, or is there an affiliation here?  Non the less, I hope you are right!

[ahsineeg]

Just a coincidence. No affiliation.  When I have more time, I'll go into greater detail of timelines of other buyouts. 3 weeks from financial advisor being retained by special committee is the fastest I've found. Other deals that are more complex because of multiple properties / JV partners have taken longer. But in my view...if there's a favourable deal on the table being

[Twiggie]

Steve? Your thoughts...

[Smitty64]

$DAM, would love to hear yours also! (As well as Steve's)

[Timeandmoney]

As per your posting how do you know that US Capital Global was hired for the task you reference in your posting? They perform a wide range of services to clients and LME could have hited them for any number of things. "US Capital Global was retained to provide what is known as a Fairness Opinion. 

[fatlas]

From the release:  the Corporation agreed to pay the financial advisory fee to US Capital Global, with the expectation that this will assist the Corporation and its recently formed Special Committee with continuing to explore opportunities and potential transactions that may be strategically beneficial to the Corporation and its stakeholders.   It's very clear what they were

[ahsineeg]

I am connecting the dots from the SEDAR docs I have reviewd from other BO transactions.  Once a BO offer is received, it would be normal for LME to form and special committee.  Then the special committee would retain a financial advisor to provide an opinion of fairness.  Here are 3 examples.  Name any other BO you know of, and I will link to the doc that references the special

[DAM$]

Ahsineeg, Very interesting post and examples. Great start to your bullboard career.  I think this is one of the most interesting theories/articles that has been posted on here in weeks.  It is my humble opinion that Global were not hired to find somebody to buy LME, but were hired to aid in negotiating and assessing a current/pending offer. Just search “when should a

[ahsineeg]

Thank you for the kind words Dam.  According to the shareholder information circular LME put out for the AGM last year...the other 3 directors of LME are independent. Cynthia is the only non-independent director as she is a senior exec of the company. As long as you are not management, you are independent. I'm confident Steve will confirm this. 

[StevenHunter]

Yeah I'm not tied to the M&A work at all but had a chance to ask the team about the special committee.  This is the normal structure for alot of different processes at any company, particularly a junior. Special committee to review the process to extract from the existing shafts, special committee for evaluating a financial opportunity, special committee for putting together an AGM .

[ahsineeg]

As the press release stated. A financial advisor was retained by a member of the board of directors to advise the special committee. By definition, a special committee is comprised of independent directors....  [url=https://content.next.westlaw.com/practical-law/document/Icf4938ecef0a11e28578f7ccc38dcbee/Special-Committee?viewType=FullText&transitionType=Default&contextData=(sc

[ahsineeg]

https://content.next.westlaw.com/practical-law/document/Icf4938ecef0a11e28578f7ccc38dcbee/Special-Committee?viewType=FullText&transitionType=Default&contextData=(sc.Default)#