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Canico Resources Takeover Completed
Companhia Vale do Rio Doce(Cvrd)Acquired99 .2% of the Canico Resources Common Shares Before its Offer Expired at8.00 PM(Toronto Time)on December8, 2005. Cvrd Intends to Proceed With a Statutory Compulsory Acquisition of the Remaining Canico Shares. Canico Owns the Onca Puma Nickel Laterite Project,a Ferro-Nickel Deposit Located in the Brazilian State of Para.
Increased BID Received From Cvrd -(Canico )
Brazilian Iron Ore Miner Cvrd has Raised its Offer to Acquire Canadian Resource Company Canico Resource to CAN$20. 80( US $17 .46)PER Share From CAN $17 . 50, Canico Said in a Statement.
Reports That Canico's Board has Decided That the New BID is Fair and is Recommending That Shareholders Accept the Offer. the Board DID not Recommend That Shareholders Accept the Previous Offer. the Canadian Company has 41.7Million Shares Outstanding,According to the Toronto Stock Exchange,Which Multiplied by Cvrd's New Offer Means the Total Transaction Would Cost CAN$867 Million. the Canadian Junior is Primarily Focused on Developing the US $1.1Billion Onça Puma Nickel-Laterite Project in Brazil's Pará State,Which Would be Cvrd's Second Nickel Project.
Rejection of Cvrd BID -(Canico )
Canico Resource Board Spurns Takeover Proposal From Cvrd of Brazil.
Update From Onca-Puma Project -(Canico )
Canico Resource and Wholly Owned Subsidiary,Mineracao Onca Puma AVE Released Updates on the Onca-Puma Nickel Laterite Project in Para State,Brazil. as a Result of a Public Auction,Brazilian Power Generator Eletronorte has Agreed to Supply Electrical Energy for the Onca-Puma Project. Eletronorte is Committed to Supply170MW of Power Annually for the Operation of two Production Lines,Until the Year 2022. the Completion of the Resource Estimates for Canico's Feasibility Study Will be Delayed Into Early 2005in Order for Assays From Some of the Recently Completed Closely Spaced Drilling to be Incorporated Into the Study. This Will Extend the Time for Delivery of the Feasibility Study Into 2005.
11/29/2015 2:33:40 AM