Chinese takes over Canadian Gold Mine… Chinese Everywhere

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The Chinese mining company, Zijin Mining Group Company Ltd (Zijin) has disclosed that it had signed an agreement with the Canadian-owned Guyana Goldfields Inc (GCI) to buy over Aurora Gold Mines (AGM).

In a statement they both released to the press, both companies disclosed they were happy to announce that the previously announced statutory plan of arrangement under the Canada Business Corporations Act which involves Guyana, Zijin, and Canada Inc, an indirect, fully-owned subsidiary of Zijin has been completed after the receipt of all necessary regulatory approvals and fulfillment of all closing conditions.

The statement disclosed revealed that Zijin has acquired all of the issued and outstanding common shares of GCI not already owned by the former in line with the agreement with the latter.

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The statement reads: “Each Guyana shareholder is entitled to receive cash consideration of C$1.85 (One Canadian dollar-US$0.75 cents) per share held.”

Chinese

The statement connotes that registered Guyana shareholders should send their duly executed letters of transmittal and certificates that represent their shares to the depositary, TSX Trust, in line with the instructions specified in the letter of as soon as possible.

GCI and Zijin said the shares are going to be delisted from the Toronto Stock Exchange under three business days and that Zijin will apply for GCI to stop being a reporting issuer under applicable Canadian securities laws.

Guyana Goldfields Inc is a Canadian-based gold producing firm that focuses primarily on the exploration, development, and operation of gold deposits in Guyana, South America. Zijin was incorporated in 1993 and it is a leading international mining company that specializes in gold, copper, zinc and other mineral resources’ exploration and development

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