Shares of Dalradian Resources Inc. (DNA.TO) (DALR.L) were gaining around 52 percent in the morning trading in London after the company agreed to be bought by Orion Mine Finance in approximately C$537 million deal.
Under the deal terms, each Dalradian shareholder will receive cash consideration of C$1.47 for each Dalradian Share held.
Under the terms of the Arrangement Agreement, the Dalradian Shares held by certain members of the Dalradian senior management team, Sean Roosen and Osisko Gold Royalties Ltd, will not be acquired by Orion. Collectively, Orion and the Remaining Shareholders currently hold 72,695,911 Dalradian Shares or 20.4% of the issued and outstanding Dalradian Shares. Each of them have agreed to continue to hold Dalradian Shares and also to vote in favor of the deal.
Certain funds and accounts under management by subsidiaries of BlackRock Inc., which hold approximately 10.7% of Dalradian's shares, have entered into a support agreement with Orion, agreeing to vote in favor of the deal.
The consideration represents a 62% premium to the closing price of the Dalradian Shares on the Toronto Stock Exchange on June 20, and a 49% premium to the volume weighted average price of the Dalradian Shares over the last 30 trading days.
Patrick Anderson, CEO of Dalradian, said, "Orion and Osisko are showing great confidence in Northern Ireland, our high grade Curraghinalt project and our West Tyrone workforce. Their goals as strategic investors are completely aligned with ours - to secure planning permission for an underground gold mine and continue advancing the project in a way that benefits all our stakeholders. We will continue to work closely with community members, all levels of government, employees, contractors and local suppliers toward building one of the world's top gold mines."
In London, Dalradian shares were trading at 81.00 pence, up 52.11%.
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