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Teranga Gold Corp Announces Intention To Make Offer To Acquire Oromin Explorations Ltd


Monday, 3 Jun 2013 08:22am EDT 

Teranga Gold Corp announced that it intends to make an offer to acquire all of the outstanding common shares of Oromin Explorations Ltd. that it does not already own. The proposed Offer would constitute 80,000,000 Teranga common shares being offered to Oromin shareholders, including Teranga's interest in Oromin. Pursuant to the proposed Offer, Oromin shareholders would receive 0.582 of a Teranga Share for each Oromin Share held. The proposed Offer would represent a premium of 50% to the 20-day volume-weighted average price (VWAP) of the Oromin Shares on the Toronto Stock Exchange (the TSX) for the period ending May 31, 2013 (based on the 20-day VWAP of the Teranga Shares on the TSX for the same period) and a premium of 68.7% to the closing price of the Oromin Shares on the TSX on May 31, 2013 (based on the closing price of the Teranga Shares on the TSX on the same date). 

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