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BRIEF-Zijin Mining To Acquire Continental Gold In All-Cash Offer For C$1.4 Bln

Published 2019-12-02, 07:29 a/m
Updated 2019-12-02, 02:03 p/m
BRIEF-Zijin Mining To Acquire Continental Gold In All-Cash Offer For C$1.4 Bln

Dec 2 (Reuters) - Continental Gold Inc CNL.TO :

* ZIJIN MINING TO ACQUIRE CONTINENTAL GOLD IN FRIENDLY, ALL-CASH OFFER FOR C$1.4 BILLION

* CONTINENTAL GOLD - ZIJIN HAS AGREED TO ACQUIRE SHARES OF CONTINENTAL AT A PRICE OF C$5.50 PER SHARE IN CASH

* CONTINENTAL GOLD INC - TRANSACTION HAS BEEN UNANIMOUSLY APPROVED BY BOARD OF DIRECTORS OF CONTINENTAL

* CONTINENTAL GOLD INC - ALL-CASH OFFER IS NOT SUBJECT TO A FINANCING CONDITION

* CONTINENTAL GOLD INC - ZIJIN HAS AGREED TO PROVIDE CONTINENTAL WITH US$50 MILLION BY SUBSCRIBING FOR CONVERTIBLE DEBENTURES

* CONTINENTAL GOLD INC - TERM OF ZIJIN DEBENTURES WILL BE 5 YEARS WITH A 5% INTEREST RATE, PAYABLE SEMI-ANNUALLY IN ARREARS.

* CONTINENTAL GOLD - ZIJIN WOULD BE ENTITLED TO $35 MILLION TERMINATION FEE, CONTINENTAL WOULD BE ENTITLED TO $35 MILLION REVERSE TERMINATION FEE

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