takeover bid?, page-9

Here is the joint press release issued on the TSX

http://cnrp.marketwire.com/cnrp_files/20120919-0919bto.pdf

We get 0.74 BTO share for each of our CGX, implies a valuation of CAD3.18. CGX gets 38% of the combined entity but provides 200k ounces pa compared with BTO's current 150k ounces.

Combined output is assumed to reach 700k ounces pa in 2016. I assume 300k relates to CGX's operaations.

Should I celebrate?

I was counting on CGX reaching $4 if the POG went to USD2000, so the deal is not something that I want.

It looks like the management of CGX got tired and lazy and wanted out. That is why they have not progressed the expansion to 300k.

No mention in the press release about an Australian listing of the BTO shares.

The CGX options get to participate - I suppose these are mostly held by management. Long may they live.

loki