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.
Sacre-Coeur takeover by Severstal to proceed under new timeline
Sacre-Coeur Minerals (TSX-V:SCM) said Thursday that its agreed takeover by Severstal, Russia's largest steel producer, is still in the due diligence stage and that new dates have been set for the shareholder approval meeting and the closing of the deal.
In September, both parties agreed that Severstal would purchase the shares of Sacre-Coeur that it did not already own in a deal that values the South America-focused gold explorer at C$77 million, or C$1.60 per share.
In a statement released today, Sacre-Coeur said that due diligence is still proceeding, together with the preparation of required documentation prior to closing the transaction.
Severstal has advised that the cash consideration is in place, and accordingly, there is no financing condition holding up the deal.
Sacre-Coeur's board has already approved the takeover, but the acqusition is still subject to the approval of the company's shareholders, and new dates have been set for the special meeting and the closing of the deal, which was originally supposed to take place this month.
Sacre-Coeur said that a further update will be provided in due course. The company 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 1000 sq. km of properties in Guyana.
Sacre-Coeur was down more than 2% on Thursday, trading at $1.37 as of 12:08pm ET.
