Teck Cominco Acquires Approximately 93% of Aur Resources
Thursday, August 23rd, 2007
Teck Cominco Limited is pleased to announce that 93,620,968 common shares of Aur Resources Inc. have been validly deposited pursuant to the offer made by Teck Cominco to acquire all Aur Shares. All conditions of the Offer have now been satisfied. Teck Cominco has taken up and accepted for payment all Aur Shares tendered, which represent approximately 93% of the outstanding Aur Shares on a fully-diluted basis. Payment for Aur Shares taken up today will be made on or before August 24, 2007.
Under the Offer, Aur shareholders could elect to receive either C$41.00 in cash, or 0.8749 of a Teck Cominco Class B subordinate voting share and C$0.0001 in cash, per Aur common share, subject in each case to pro-ration. Aur shareholders who elected to receive shares will receive 0.8749 of a Teck Cominco Class B subordinate voting share and C$0.0001 in cash for each Aur Share tendered and those who elected to receive cash will receive C$32.54 in cash and 0.1805 of a Teck Cominco Class B subordinate voting share for each Aur Share tendered, subject in each case to adjustment for fractional shares. In aggregate, Teck Cominco will pay approximately C$2.9 billion in cash and issue approximately 20.5 million Class B subordinate voting shares as consideration for Aur shares tendered to date.
The Offer expired at midnight Vancouver time on August 21, 2007 and will not be extended. Teck Cominco intends to acquire all Aur Shares not tendered to the Offer by way of a compulsory acquisition pursuant to the Canada Business Corporations Act. Teck Cominco will shortly mail a notice of compulsory acquisition to acquire all Aur Shares not acquired pursuant to the Offer.
Teck Cominco has now taken effective control of Aur, and is working with management of Aur to integrate Aurâ€™s operations with those of Teck Cominco as soon as possible. At a meeting of the Aur board of directors to be held later today, Teck Cominco expects to replace the current board of Aur with nominees of Teck Cominco, and to appoint officers of Aur. Peter Kukielski, Executive Vice President and Chief Operating Officer of Teck Cominco, will be appointed Chief Executive Officer of Aur, with responsibility for integration.