TransactionsGleichen Announces Proposed Acquisition of 78.8% of Morelos ProjectPublished: 08/11/2009 By Angela Chu, Jay Goldman, Cathy L. Mercer On August 6. 2009, Gleichen Resources Ltd. entered into an agreement to acquire 78.8% of the Morelos Project from Teck Resources Ltd. via the acquisition of Oroteck Mexico S.A. de C.V. from Teck’s subsidiaries Teck Metals Ltd. and Teck Exploration Ltd., for a purchase price of US$150 million and a 4.9% stake in Gleichen post financing. Oroteck owns 78.8% Series A shares in the capital of Minera Media Luna S.A. de C.V., holder of the concessions comprising the Morelos Project. The transaction is expected to close in the fourth quarter of 2009. Closing is subject to receipt of all required shareholder, regulatory and third party consents, satisfaction of customary closing conditions and the completion of a financing by Gleichen. Cassels Brock and Blackwell LLP acted as legal advisor to Gleichen with a team that included Jay Goldman, Cathy Mercer and Angela Chu. Macquarie Capital Markets Canada Ltd. and Jones Gable & Company Limited acted as financial advisors to Gleichen. |