Coeur D'Alene Mines Intends to Increase Its Offer Price for Gasgoyne and Declares It Final.SYDNEY, Australia--(BUSINESS WIRE)--March 26, 1996--Coeur d'Alene Mines Corporation (NYSE NYSE See: New York Stock Exchange :CDE (1) (Computer Desktop Encyclopedia) What you are reading at this very moment. See About this product. (2) (Common Desktop Environment) A user interface for desktop computing from The Open Group. ) announces that it intends to increase the cash component of its offer for Gasgoyne Gold Mines NL (ASX ASX See: Australian Stock Exchange :GGM GGM Great-Grandmother GGM Glucose/Galactose Malabsorption GGM Gravity and Granular Materials GGM Gravity Gradient Mode GGM Gravity Gradiometer Mission (NASA) ) by the equivalent of 36 cents per Gasgoyne share to 7 (seven) Coeur shares plus A$96 cash for every 100 Gasgoyne shares (subject to completion and dispatch of the necessary documentation under the Corporations Law). Coeur has also stated this offer price to be its last and final. Based on the closing Coeur share price on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. on Tuesday 26 March 1996 of US$21 5/8, and today's A$/US$ exchange rate of 0.774, Coeur's increased offer will equate to A$2.92 per Gasgoyne share. The total value of Coeur's increased offer for Gasgoyne, on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, will then be approximately A$168 million (US$130 million). If Coeur acquires 100% of Gasgoyne, it will issue approximately 4 million new Coeur common shares, representing an increase of approximately 19% in its outstanding stock, and pay approximately A$55.3 million (US$42.8 million) in cash to Gasgoyne shareholders. Coeur's intended increased offer, equating to A$2.92 per Gasgoyne share, represents a premium of 41% above the Gasgoyne share price prior to the announcement of Coeur's offer in December 1995. Mr. Dennis Wheeler, Chairman, President and Chief Executive Officer of Coeur, said: "Gasgoyne shareholders will benefit from a substantially increased offer price which equates to 41% above the pre-announcement Gasgoyne share price and 54% about Gasgoyne's weighted average share price in the last quarter or 1995." "This intended increase in our offer price clearly demonstrates Coeur's determination to succeed in its offer for Gasgoyne. Mr. Phil Crabb, Chief Executive Officer of Gasgoyne, is actively supporting Coeur's offer and has demonstrated this by stating that he will accept Coeur's offer for the remaining shareholding held by his private company, Ioma." CONTACT: Coeur d'Alene Coeur d'Alene, city, United States Coeur d'Alene (kûrdəlān`), city (1990 pop. 24,563), seat of Kootenai co., N Idaho, near the Wash. line; inc. 1907. Mines Corp. Anthony R. Ebersole, 208/667-3511 |
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