Cambior Responds to Statements by Aur Resources Inc.Business Editors MONTREAL--(BUSINESS WIRE)--Feb. 8, 2000 CAMBIOR(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CBJ CBJ Columbus Blue Jackets (NHL team) CBJ Central Bank of Jordan CBJ Conflict-Directed Backjumping CBJ Circuit Board Jack CBJ Code-Breakers Journal CBJ Class Broker for Java CBJ Color Bubble Jet .) (AMEX AMEX See: American Stock Exchange :CBJ) Cambior Inc. (&uot;Cambior&uot;) responded today to a letter dated February 7, 2000, from Aur Resources Aur Resources Inc. (TSX: AUR) is a Toronto, Ontario, Canada, based, international mining company active in the acquisition, exploration, development and mining of mineral properties. Inc. (&uot;Aur&uot;), in which Aur expressed concern over the impact that the recent rise in the price of gold could have on the value of Cambior. Aur requested information regarding Cambior's loan and gold hedging arrangements and access to Cambior's lenders and gold hedge counterparties. On February 2, 2000, Cambior, through its financial advisors, offered to provide Aur with information regarding Cambior, including information of the type sought by Aur in its letter, in return for a postponement of the expiry date expiry date expire n → date f d'expiration; (on label) → à utiliser avant ... expiry date expire n → Ablauftermin m of Aur's offer to acquire all outstanding common shares of Cambior (the &uot;Offer&uot;). Aur deferred consideration of this proposal citing &uot;valid business and logistical reasons.&uot; Cambior remains prepared to provide Aur with information regarding Cambior on the terms originally proposed. Regarding concerns expressed by Aur relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Cambior's gold hedging portfolio, Cambior's press release dated December 23, 1999, sets forth the relevant particulars of Cambior's gold hedge position as at December 22, 1999. The composition of Cambior's gold hedge portfolio has not changed materially since December 22, 1999, except for the delivery of gold produced by Cambior against various hedging contracts. Cambior's agreements with its lenders and gold hedge counterparties contain no margin requirements in relation to the mark-to-market value of Cambior's gold hedge portfolio from time to time. Finally, in a press release dated February 4, 2000, Aur suggested that Cambior will have had sufficient time to attract alternatives to the Offer by its February 16, 2000 expiry date. As Cambior explained in its Directors' Circular dated February 3, 2000, Cambior's asset sales process only effectively got underway with the distribution of confidential information memoranda to potentially interested parties commencing December 22, 1999. The objective of the process commenced at that time was to produce proposals for asset sales and other transactions over a period of some months with the anticipation that such transactions would close within three or four months. As a result of the Offer, Cambior has had to adapt, to the extent possible, the multi-month process commenced in late December 1999. Cambior remains of the view that the Aur Offer is designed to pre-empt pre·empt or pre-empt v. pre·empt·ed, pre·empt·ing, pre·empts v.tr. 1. To appropriate, seize, or take for oneself before others. See Synonyms at appropriate. 2. a. or truncate To cut off leading or trailing digits or characters from an item of data without regard to the accuracy of the remaining characters. Truncation occurs when data are converted into a new record with smaller field lengths than the original. Cambior's previously announced efforts to maximize shareholder value. Aur's letter of February 7, 2000 underscores the highly conditional nature of the Offer. Cambior reiterates its advice that shareholders not tender their shares into the Offer until receiving further communication from Cambior's board of directors. The board of directors of Cambior resolved yesterday to postpone to the close of business on February 14, 2000, the Separation Time under Cambior's Shareholder Protection Rights Plan, being the time at which common share purchase rights issued under such plan would trade separately from Cambior common shares and become eligible for exercise. Cambior Inc. is a diversified international gold producer with operations, development projects and exploration activities throughout the Americas. Cambior's shares trade on the Toronto and American (AMEX) stock exchanges under the symbol &uot;CBJ&uot;. This press release contains certain &uot;forward-looking statements&uot;, as defined in the United States Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such risks and uncertainties are disclosed under the heading &uot;Risk Factors&uot; in Cambior's Annual Information Form (AIF AIF Annual Information Form AIF Apoptosis-Inducing Factor AIF Agence Intergouvernementale de la Francophonie (French: Intergovernmental Agency for Francophony) AIF Australian Imperial Force ) filed with the Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. , the Quebec Securities Commission, the United States Securities and Exchange Commission (Form 40-F) and other regulatory authorities. |
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