TORONTO – A precious metals fund managed by the Waterton Group announced Wednesday the “final extension” of its offer to acquire all of the outstanding common shares of Chaparral Gold Corp. (TSX:CHL).
Waterton said the offer of 50 cents per share, which values Chaparral at about $58.8 million, has been extended until 5 p.m. eastern time on July 17. All other conditions remain unchanged.
“Except as required by applicable securities laws, Waterton Precious Metals Bid Corp. does not intend to extend the offer beyond July 17, 2014, unless at or by that date all conditions of the offer have been satisfied,” it said in a news release.
Chaparral Gold has repeatedly rejected the Waterton bid, saying it would pursue value enhancing alternatives that were in the best interests of shareholders.
Its shares were unchanged at 52 cents Wednesday on the Toronto Stock Exchange
Chaparral is a Nevada-focused precious metals company actively permitting its 100 per cent owned Gemfield deposit at the Goldfield property in central Nevada. In addition, Chaparral holds a 100 per cent interest in the advanced-stage Converse property, also in Nevada.
The precious metals fund is managed by Waterton Global Resource Management, a mining-focused private equity money manager based in Toronto.