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Rockgate Capital Corp Announces Termination of Agreement With Mega Uranium Ltd; Updates On Denison Mines Corp Offer

Tuesday, 24 Sep 2013 02:01pm EDT 

Rockgate Capital Corp announced that it has terminated its arrangement agreement with Mega Uranium Ltd (Mega) dated August 13, 2013 (the Arrangement Agreement). The Board of Directors of Rockgate (the Board) determined that the unsolicited take-over bid (the Denison Offer) from Denison Mines Corp (Denison) pursuant to which Denison has offered to acquire all of the issued and outstanding shares of Rockgate constitutes a Superior Proposal within the meaning of the Arrangement Agreement. Mega subsequently waived its right to match the Denison Offer and, as provided for in the Arrangement Agreement, a termination fee of CAD1,000,000, has been paid by Rockgate to Mega. The Board also announced that it is not making a recommendation at this time with respect to the acceptance or rejection of the Denison Offer. while the Denison Offer provides Rockgate shareholders with an opportunity to realize a premium to the trading price of Rockgate's shares prior to the announcement of the Denison Offer and a premium to the attributed value of the previously proposed transaction with Mega, the Board of Directors has concerns with the financial terms of the Denison Offer, the Denison Offer constitutes a change of control transaction, which is a different type of transaction than the previously proposed merger of equals with Mega. The Denison Offer thus need to be evaluated. 

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24 Dec 2014