Key Developments: AuRico Gold Inc (AUQ)
4.75USD
23 May 2013
$0.03 (+0.64%)
$4.72
$4.80
$4.88
$4.70
1,305,424
3,102,620
$8.79
$4.24
Latest Key Developments (Source: Significant Developments)
AuRico Gold Inc's Executive Chairman Takes Leave Of Absence
AuRico Gold Inc announced that Mr. Colin Benner, the Company's Executive Chairman, is taking a leave of absence for health reasons. Mr. Ron Smith, the Company's Lead Director, will serve as Non-Executive Chairman in the interim. Mr. Smith has been a non-Executive Director of the Company since 2009 and is Chair of the Audit Committee. Full Article
AuRico Gold Inc Announces Initial Quarterly Dividend Payment
AuRico Gold Inc announced that on March 25, 2013 the Company announced that its Board of Directors has declared the Company's initial quarterly dividend payment of $0.04 per share for the first quarter ended March 31, 2013, payable on April 18, 2013 to shareholders of record at the close of business on April 4, 2013. Full Article
AuRico Gold Inc Announces Inaugural Dividend Policy
AuRico Gold Inc announced that as part of the Company's long-term strategy to maximize shareholder value, the Board of Directors has approved the implementation of a new, two-tiered dividend policy: In 2013, the Company will pay an annual dividend of $0.16 per common share (payable quarterly). The first quarterly dividend ($0.04 per common share) is expected to be declared on March 25, 2013. Full Article
AuRico Gold Inc Announces Completion Of $300 Million Substantial Issuer Bid
AuRico Gold Inc announced that it has taken up and paid for 36,144,578 common shares at a price of $8.30 per Share under the Company's modified Dutch auction substantial issuer bid to purchase for cancellation up to $300,000,000 of its Shares. The Shares purchased represent approximately 12.8% of the Shares outstanding on an undiluted basis as of January 23, 2013 (the expiry date of the Offer). After giving effect to the purchase, as of that date, AuRico had 246,395,391 Shares issued and outstanding on an undiluted basis. RBC Dominion Securities Inc. and, RBC Capital Markets, LLC acted as dealer managers in connection with the Offer in Canada and the United States, respectively, and as financial advisor to AuRico. Full Article
AuRico Gold Inc Raises FY 2013 Production Guidance; Comments On H2 2013 Production Guidance
AuRico Gold Inc announced that for fiscal 2013, it expects production in the range of 190,000-220,000 gold ounces, significantly increasing production over fiscal 2012, primarily as a result of increasing production from the Young-Davidson mine as underground production ramps-up over the year and as improved productivity is achieved through the commissioning of the shaft infrastructure during the third quarter. As a result, production in the second half of 2013 is expected to strengthen and will exceed production during the first half of 2013. Full Article
AuRico Gold Inc Announces USD300 Million Share Buy Back
AuRico Gold Inc announced that following its receipt of gross proceeds of $750 million relating to the recent sale of the Ocampo mine, the Board of Directors has authorized the making of a substantial issuer bid, pursuant to which the Company will offer to purchase for cancellation up to 36,144,578 of its outstanding common shares for an aggregate purchase price not exceeding $300 million. AuRico anticipates that the Offer will commence on or about December 18, 2012 and be completed in late January 2013, unless extended or withdrawn. The Company intends to fund purchases of Shares pursuant to the Offer from the Ocampo proceeds and has used $128 million of the proceeds to retire its existing debt facility. The Offer will proceed by way of a modified Dutch auction, pursuant to which AuRico shareholders may deposit all or a portion of their Shares at a price within a range of not less than $8.30 per Share and not more than $9.30 per Share (with increments of $0.05 per Share within that range). The dealer managers for the Offer are, in Canada, RBC Dominion Securities Inc. and, in the United States, RBC Capital Markets, LLC. Full Article
AuRico Gold Inc Completes Sale of Ocampo Mine
AuRico Gold Inc announced that it has completed the sale of the Ocampo mine and adjacent exploration projects Venus and Los Jarros, located in Chihuahua, Mexico, to Minera Frisco, S.A.B. de C.V (Minera Frisco). Minera Frisco has also acquired a 50% interest in the Orion advanced exploration project and a joint venture agreement is currently being negotiated. Total cash consideration paid at closing by Minera Frisco was USD750 million. AuRico will use the net proceeds from the sale to eliminate certain debt obligations, invest in internal growth opportunities, provide sufficient working capital and liquidity for the Company and undertake a significant return of capital to shareholders. Full Article
AuRico Gold Inc Appoints Robert J. Chausse as Chief Financial Officer
AuRico Gold Inc announced the appointment of Robert J. Chausse as Executive Vice President and Chief Financial Officer effective January 21, 2013. Full Article
AuRico Gold Inc Announces Settlement Of McKenna Class Action
AuRico Gold Inc announced that it has entered into a settlement agreement related to a previously disclosed class action lawsuit pending in the Ontario Superior Court and initiated by Edward J. McKenna in 2008 against the Company and certain of its directors, officers and underwriters. The settlement agreement, which provides for payment of $13.25 million to the settlement class, does not contain any admission of wrongdoing and is subject to certain conditions, including court approval. Full Article
AuRico Gold Inc Sells Endeavour Silver Shares
AuRico Gold Inc announced that it has sold its approximate 11.1% equity interest in Endeavour Silver Corp. (Endeavour), consisting of approximately 11million Endeavour common shares, on an underwritten block trade basis, for gross proceeds of $95 million (approximately $97 million). The syndicate was jointly led by CIBC, BMO Capital Markets and Dundee Securities Ltd. Full Article
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