MERGER: Cameco makes hostile bid to acquire Hathor Exploration in $520M deal

SASKATOON - Cameco, one of the world's leading uranium producers, has announced its intention to acquire Hathor Exploration of Vancouver. Cameco is making an all-cash offer of $3.75 per Hathor share, a 33% premium over Hathor's 20-day volume...

SASKATOON - Cameco, one of the world's leading uranium producers, has announced its intention to acquire Hathor Exploration of Vancouver. Cameco is making an all-cash offer of $3.75 per Hathor share, a 33% premium over Hathor's 20-day volume weighted price as of Aug. 25, 2011. The deal is worth about $520 million.

Hathor is a junior company focused on exploration in the Athabasca Basin. The company's most significant asset is the Roughrider uranium deposit. The Roughrider deposit is estimated to contain indicated and inferred resources of with a total of 57.9 million lb of uranium oxide. The Roughrider deposit is located approximately 25 km northwest of Cameco's Rabbit Lake mill.

With Cameco having a ready mill and several other uranium mines and projects in northern Saskatchewan, its acquisition of the Roughrider deposit will be a good means of maintaining or even increasing production.

Please visit www.Cameco.com for details of the offer.

Hathor (www.Hathor.ca) management has advised shareholders to take no action on the Cameco bid.

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