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Invecture Group To Make CAD0.15 Per Share Cash Offer For Kimber Resources Inc


Wednesday, 25 Sep 2013 02:18pm EDT 

Invecture Group, S. A. de C. V. and Kimber Resources Inc. jointly announced that the parties have entered into a support agreement, pursuant to which Invecture Group has agreed, to make an offer to acquire all of the outstanding common shares of Kimber for CAD0.15 in cash per share by way of a take-over bid (Offer). The Offer price of CAD0.15 per Kimber common share represents a premium of 67% to the closing price of Kimber common shares on the TSX on September 24, 2013 and 26% to the volume weighted average price of Kimber common shares on the TSX for the 20-day period ended September 24, 2013. The Offer values the Kimber equity at approximately CAD12.7 million on a fully-diluted basis, excluding the 20 million shares to be issued under the Placement. The Support Agreement further provides that Invecture Group will purchase 20,000,000 common shares of Kimber at a price of CAD0.10 per share for gross proceeds of CAD2,000,000. The proceeds of the Placement will be used for working capital and general corporate purposes. The Placement is subject to a number of standard conditions including the approval of the TSX, and is to close as soon as practicable after these conditions have been met, and in any event no later than October 2, 2013. Kimber has engaged Stikeman Elliott LLP as its legal advisor in connection with the Offer. Invecture Group has engaged Blake, Cassels & Graydon LLP as its legal advisor in connection with the Offer. 

Company Quote

0.15
0.0050 +3.45%
13 Jan 2014