The Prospector News

Red Eagle Bid Fails at Expiry; Superior Batero Offer Remains Open

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Red Eagle Bid Fails at Expiry; Superior Batero Offer Remains Open

 

 

 

 

 

CB Gold Inc. (TSX-V:CBJ) is keen to correct Red Eagle’s propaganda and confirm its unanimous board support for the ongoing and superior offer from Batero Gold Corp.

 

 

In response to the improved Batero offer announced on September 4, 2015 and open until September 18, 2015, CB Gold has NOT been acquired by Red Eagle and, indeed, the same and an increasing percentage of CB Gold shareholders have now tendered to the Batero offer as to the Red Eagle hostile take-over bid. The expiry date of Red Eagle’s hostile take-over bid was September 14, 2015. Batero’s superior offer remains open until September 18, 2015.

 

 

Earlier today, Red Eagle Mining Corporation (EDITORS NOTE: We elected not to post the Red Eagle release in light of this information from CB Gold) announced that it had acquired CB Gold. Indeed, their website currently captions today’s press release as “CB Gold Acquired”. This is blatantly false. Red Eagle has not acquired CB Gold. Indeed, the number of CB Gold shares tendered to the Red Eagle hostile take-over bid is currently the same as the number of CB Gold shares tendered to the superior Batero offer — and the Batero offer has not yet expired. CB Gold remains an independent company working to maximize shareholder value. CB Gold has complained to the British Columbia Securities Commission about Red Eagle’s flagrantly misleading tactics that are intended to confuse CB Gold shareholders into believing that Red Eagle has actually acquired CB Gold — it has not.

 

 

The CB Gold board of directors unanimously recommends shareholders TENDER IN FAVOUR of the superior Batero offer.

 

  • The Batero offer is superior. The Batero offer provides nearly 30% more value than the Red Eagle hostile take-over bid based on September 14, 2015 closing prices.
  • Red Eagle has not acquired CB Gold. In direct contrast to Red Eagle’s public statements, Red Eagle has failed to acquire CB Gold. Red Eagle has shifted to a coercive bid by lowering their minimum tender condition to below 50%. While they claim to have had 48% in the past, an exodus of CB Gold shareholders from the Red Eagle bid has lowered their position to only 43%.
  • Shareholders support Batero. As of the close of business on September 14, 2015, CB Gold shareholders have moved decisively in favour of the superior Batero offer as compared to the significant number of CB Gold shareholders that have abandoned Red Eagle’s inferior hostile take-over bid, which had an expiry date of September 14, 2015.
  • Red Eagle abuses CB Gold shareholders. Red Eagle claims their hostile take-over bid is fair. Currently, their all-stock bid is worth $0.04455 per CB Gold share. At the same time, they are acquiring CB Gold shares for cash in the market at a 35% premium to their own bid price — the price they are forcing CB Gold shareholders to accept under their coercive bid. Red Eagle’s abuse of the CB Gold shareholders that have tendered to their bid continues without remorse.
  • Don’t be orphaned with Red Eagle. The CB Gold shares tendered to Red Eagle’s hostile take-over bid represent 6.47% of Red Eagle’s share capital on a fully diluted basis. CB Gold shareholders who tender to Red Eagle will have little, if any, exposure to the Vetas Gold Project. CB Gold shareholders will be orphaned under the Red Eagle bid.
  • Red Eagle’s hostile bid has expired. The expiry date of Red Eagle’s hostile bid was September 14, 2015. Red Eagle claims a subsequent offering period — do not be tricked into tendering into an inferior, orphaned offer.
  • The Batero offer remains open. The superior Batero offer remains open for acceptance until September 18, 2015.

 

 

How to Tender CB Gold Common Shares to the Batero Offer

 

 

All questions regarding the Batero Offer and how to tender CB Gold Common Shares to the Batero Offer should be directed to Kingsdale Shareholder Services, the information agent and depository, at 1-866-581-0506 (North American Toll-Free) or 416-867-2272 (Collect Calls) or by email at contactus@kingsdaleshareholder.com.

 

 

About CB Gold Inc.:

 

 

CB Gold is a mineral exploration company headquartered in Vancouver, British Columbia. CB Gold, through its wholly-owned subsidiary, Leyhat Colombia Sucursal, is actively pursuing the exploration and development of mineral properties in the Republic of Colombia. The Vetas Gold Project consists of a number of existing mines and exploration concessions.

 

Posted September 15, 2015

Share this news article

MORE or "UNCATEGORIZED"


GoGold Announces Annual Net Income of $8.1M USD for September 30, 2019

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to ann... READ MORE

December 13, 2019

Lundin Gold Announces First Export of Gold Concentrate and Doré

Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) reports the fi... READ MORE

December 13, 2019

O3 Mining Intersects 9.3 g/t Au Over 6.0 m, Including 25.7 g/t Au Over 1.9 m at Epsilon

O3 Mining Inc. (TSX-V: OIII) is pleased to provide new results fr... READ MORE

December 13, 2019

GT Gold Closes C$8.3 Million Investment by Newmont Goldcorp Corporation

GT Gold Corp. (TSX-V: GTT) is pleased to report that it has close... READ MORE

December 13, 2019

Canada Cobalt Intersects Massive Silver as Castle East Discovery Builds Out

Canada Cobalt Works Inc. (TSX-V: CCW) (OTC: CCWOF) (Frankfurt: 4T... READ MORE

December 13, 2019

Copyright 2019 The Prospector News - Site design by Spyderbaby Productions