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Monday, 22nd December 2008 (1265 views)

Rusoro has reported that it has mailed its offer and circular to shareholders of Gold Reserve to purchase all of the company’s outstanding Class A common shares and equity units.

Gold Reserve shareholders and equity unitholders may receive three Rusoro common shares for each of their shares or equity units under the terms of the offer.

The Vancouver-based gold mining firm has also amended its filing since it announced its offer for Gold Reserve on December 15th 2008, which is open for acceptance until midnight on January 21st 2009.

In a statement, Andre Agapov, Rusoro chief executive, said that the current offer will stand unless it is extended or withdrawn by the miner before the closure date.

Rusoro has reported record gold production and low cash costs of under $400 (£268) per ounce at its Choco 10 mine in Bolivar State, Venezuela, for November 2008 and strong performance at its nearby Isidora mine.

 

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