Corvus Gold Receives Non-Binding Cash Buyout Bid from AngloGold Ashanti

Source: Streetwise Reports   07/13/2021

Corvus Gold’s U.S. ADR shares rose by 21% after the company reported it received an unsolicited buyout offer from AngloGold Ashanti Ltd. for CA$4.00 per share in cash.

North American gold exploration and development company Corvus Gold Inc. (KOR:TSX; KOR:NASDAQ) today announced that “it has received an unsolicited, non-binding proposal from AngloGold Ashanti Ltd. (AU:NYSE; ANG:JSE; AGG:ASX; AGD:LSE) for the acquisition of Corvus Gold Inc.”

The firm advised that under the term of the buyout offer, AngloGold Ashanti agrees to acquire all issued and outstanding Corvus common shares and will pay Corvus Gold shareholders CA$4.00 in cash for each respective share owned.

Corvus Gold stated in the news release that its management team and its Board of Directors are evaluating the proposal terms in line with their fiduciary responsibilities and efforts to maximize shareholder value. The company indicated that pending the completion of the review it is not making any further comments at this time and added that stockholders do not need to take any specific actions at present.

The company indicated that it currently has two primary new gold discovery projects that are both located in the state of Nevada. The first is its 100%-controlled North Bullfrog Project, which is comprised of several private mineral leases of patented federal mining claims along with 1,134 federal unpatented mining claims. The property encompasses around 90.5 sq. km in southern Nevada. The firm’s second major project is its wholly owned Mother Lode Project that covers approximately 36.5 sq. km and includes 45 federal unpatented mining claims.

Corvus Gold Inc. is a North American gold exploration and development company based in Vancouver, B.C. The firm concentrates its efforts on two gold-silver mining projects in Nevada. The company noted that it also has a controlling interest in several other gold, silver and copper projects in North America.

AngloGold Ashanti Ltd. is a gold mining company with a market cap of US$8 billion headquartered in Johannesburg, South Africa. The firm is primarily focused on gold production with operations in 10 countries throughout Africa and the Americas and in Australia.

Corvus Gold began the day with a market cap of around $327.6 million with approximately 127.0 million shares outstanding. KOR U.S.-ADR shares opened greater than 16% higher today at $3.00 (+$0.42, +16.28%) over yesterday’s $2.58 closing price. The stock has traded today between $2.91 and $3.21 per share and is currently trading at $3.13 (+$0.55, +21.32%).

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: AU:NYSE; ANG:JSE; AGG:ASX; AGD:LSE, KOR:TSX; KOR:NASDAQ, )