Northern Orion Resources Inc. (NTO), founded in 1986 and based in Vancouver, British Columbia, Canada, is one of the world’s lowest-cost copper and gold producers. The company’s goal is to increase share value by transforming world class deposits into world class returns and making accretive acquisitions that leverage the company to the upside potential of copper and gold while minimizing dilution.
In August 2007, Northern announced that it had approved the Plan of Arrangement with Yamana Gold Inc. (AUY) at a special meeting of Northern Orion shareholders held in Vancouver. Yamana Gold Inc. is a Canadian gold producer with significant gold and copper-gold production from seven operating mines in Brazil, Chile and the U.S., as well as gold development stage properties, exploration properties, and land positions throughout North and South America.
Under the terms of the Arrangement, Northern Orion shareholders will receive 0.543 of a Yamana share plus Cdn.$0.001 in cash for each Northern Orion share. Among other regulatory requirements, completion of the Arrangement between Northern Orion and Yamana remains subject to at least 66 2/3% of Meridian Gold Inc. (MDG) shares being tendered to the Yamana offer for Meridian.
In October 2007, Yamana announced as of the tender deadline on October 12, 2007, 79,873,250 common shares of Meridian Gold had been validly deposited to Yamana’s offer to acquire all of the outstanding shares of Meridian. Yamana has taken up and accepted for payment all of these shares, which represent approximately 78 percent of the common shares of Meridian on a fully diluted basis. Yamana will pay for these shares promptly.
As such, all of the conditions to Yamana’s agreement with Northern Orion were either satisfied or waived, and Yamana’s plan of arrangement with Northern Orion was completed and became effective on October 13, 2007. Northern Orion shareholders will shortly receive 0.543 of a Yamana common share and C$0.001 in cash for each Northern Orion share.
Let us hear your thoughts below:
