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December 23, 2010

Deals This Week: Atlas Iron, Paladin, Duluth and More

Atlas Iron and Giralia Resources have signed a bid implementation agreement for an off-market takeover bid by Atlas for US$828m at US$4.57 a share. Upon completion of the transaction, the combined entity will have a pro-forma market capitalisation of around $2.5bn.

By cms admin

Atlas Iron and Giralia Resources have signed a bid implementation agreement for an off-market takeover bid by Atlas for US$828m at US$4.57 a share.

Upon completion of the transaction, the combined entity will have a pro-forma market capitalisation of around $2.5bn.

Australia’s Paladin Energy has signed an agreement to acquire 100% of the uranium assets of Fronteer Gold’s subsidiary Aurora Energy Resources.

Fronteer will receive 52.1 million common shares of Paladin, valued at around C$261m (US$258m), making Fronteer the largest Paladin shareholder with 6.7% share.

Duluth Metals and Franconia Minerals Corporation have entered into a agreement whereby Duluth will acquire 100% of the outstanding common shares in the capital of Franconia, by way of a plan of arrangement under the Business Corporations Act.

The total value of the transaction is estimated to be around C$77m (US$76m).

Purepoint Uranium has signed a definitive option agreement with Rio Tinto Exploration Canada that would allow Rio Tinto to earn a controlling interest in Purepoint’s Red Willow project by spending up to US$22.5m in exploration and development expenses.

Rio Tinto Exploration Canada is a wholly owned subsidiary of RioTinto Group.

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