Inter-Citic Minerals Inc.(TSX:ICI) announced entering into a definitive agreement with Western Mining Group Co. Under the terms of the agreement, Western Mining will acquire all the outstanding shares of Inter-Citic.
As quoted in the press release:
- Unanimous recommendation of Inter-Citic’s Special Committee and Board of Directors
- Directors and senior officers have agreed to vote in favour of the Arrangement
- Implied premium of 123% to Inter-Citic’s 20 day volume weighted average trading price prior to and including July 6, 2012, being the last trading day prior to the announcement that Inter-Citic was in negotiations with a third party
Inter-Citic, CEO, James Moore, commented:
I have been impressed by Chairman Wang and his team at Western Mining. Under his leadership Western Mining has recognized the opportunity which the Dachang project provides to make an aggressive step into the gold industry and at the same time provide Inter-Citic shareholders with the best proposal that management has considered. We look forward to continuing to work with the Western Mining team on this important transaction.