News Details

Afternoon Movers: Taseko's C$1.05 per Share Offer for bcMetals..

2006/11/22 11:26:04

Corp. Set to Launch November 23, 2006  Nov 22, 2006 (M2 PRESSWIRE via COMTEX) -- Taseko (AMEX:TGB) is positioned to provide immediate returns and longer term growth through its large scale, long life Gibraltar copper-molybdenum mine, its advanced stage Prosperity gold-copper project on which feasibility-level studies are underway; and its Harmony property that hosts a large gold deposit with longer term development potential. All the projects are located in British Columbia, Canada.  Shares are up 3% with over 303,000 in volume. This momentum comes as Taseko Mines Limited ("Taseko" or the "Company") announced that further to its November 2, 2006 news release, it will launch a C$1.05 per share take-over bid offer for all of the outstanding shares of bcMetals Corporation ("bcMetals") on November 23, 2006. The offer represents an 11% premium over a recent third party offer for bcMetals. In light of intervening events, Taseko has decided to lower the tendering threshold condition for its bid from 90% to 66 2/3%. The other principal conditions remain as previously announced and include the requirement for a conditional settlement that would allow Taseko to acquire the minority shares of bcMetals' subsidiary, American Bullion Minerals Ltd., and the defeat by bcMetals shareholders at their November 30, 2006 special meeting of both the Limited Purpose Shareholder Rights Plan (or the deactivation of the plan by the Board) and the resolution to approve the proposed joint venture of the Red Chris Property with Global International Jiangxi Copper Mining Company Limited.  Taseko President and CEO, Russ Hallbauer, stated, "As we have previously commented, this is a solid bid and should appeal to the bcMetals shareholders who would prefer to see cash-in-hand rather than hold shares in a minority participant in a joint venture."  The details of the offer will be included in a formal take-over bid circular to be mailed to bcMetals shareholders and publicly filed in accordance with applicable securities laws. The Taseko bid will also offer C$0.02 for each out-of-the-money bcMetals share purchase warrant. Taseko intends to promptly make the necessary regulatory filings in respect of the offer. The offer will be subject to other customary conditions, including receipt of any necessary regulatory approvals and absence of material adverse changes, all of which conditions will be described in detail in the formal bid circular.  MarketGainer.com is quickly emerging as one of the newest and most exciting online newsletters for international, small-cap investors looking to stay a step ahead of the markets.  This article is available for viewing in the Featured Articles Section on our website. To view this article and comparables join us at www.marketgainer.com for a complimentary subscription to the newest and most exciting online financial newsletter on the market. 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