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Additional Information
Market: TSX-V
Sector: General Mining - Gold
EPIC: SCM
Latest Price: C$0.09  (0,00%)
52-week High: C$0.45
52-week Low: C$0.09
Market Cap: C$3.96M
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Sacre-Coeur Minerals
www.scminerals.com

Sacre-Coeur Minerals Ltd.  (TSX-V: SCM) is a Canadian Junior Mining company engaged in the acquisition, exploration and production of gold and other metals in South America. The company is currently focused  on its gold properties in Guyana, a miner-friendly country with a stable government where the Company holds 100% interest in approximately 978 square kilometers of mineral concessions.

Full Sacre-Coeur Minerals profile here
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Severstal to acquire Sacre-Coeur in $65m deal

23rd Sep 2010, 9:08 am

Severstal, Russia's largest steel producer (LSE: SVST; RT: CHMF), has agreed to purchase the shares of Sacre-Coeur Minerals that it does not already own in a deal that values the South America-focused gold explorer at C$65 million, or C$1.60 per share.

The deal, which gives Severstal Gold an entry point into South America, also involves the purchase of all of the company's outstanding warrants and options for a payment equal to the difference between C$1.60 and the excercise price of the respective warrant or option.

The purchase price of C$1.60 represents a 43% premium to Sacre-Coeur's Tuesday closing price of C$1.12 on the Toronto Venture Exchange.

The offer, for which the financing is already in place, has been approved by Sacre-Coeur's board.

"Severstal Gold and its affiliates are highly experienced in international mining operations and have access to the relatively large financial and technical resources that may be required to bring Sacre-Coeur's Guyanese projects to fruition," said principal shareholder of Sacre-Coeur, Irwin A. Olian.

The deal, which is structured as a scheme of arrangement, is still subject to due diligence, shareholder approval and other customary closing conditions, and if Sacre-Coeur decides to accept a competing offer, it will pay Severstal a termination fee of C$2.75 million.

Olian has agreed to support the transaction at the special shareholder meeting, due to take place in November 2010, three days after which the deal should close.

Sacre-Coeur is engaged in the acquisition, exploration and development of properties for the potential mining of gold, metals and diamonds in South America, initially focusing on exploration for gold on its properties in Guyana.

The company was up 40% by mid-afternoon trading on Wednesday, reaching highs of $1.55 as of 2:41pm ET on the TSX-Venture Exchange.

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