TransactionsGleichen Resources Ltd. Acquires 78.8% of Morelos ProjectPublished: 11/18/2009 By Angela Chu, Andrea FitzGerald, Jay Goldman, Cathy L. Mercer On November 17, 2009, Gleichen Resources Ltd. completed its acquisition of 78.8% of the Morelos Gold Project from Teck Resources Limited through the acquisition of Oroteck Mexico S.A. C.V. from Teck subsidiaries, Teck Metals Ltd. and Teck Exploration Ltd. for a purchase price of US$150 million, 1,560,857 common shares and 12,443,218 special warrants. The special warrants issued to Teck Resources Ltd have identical terms to the special warrants issued in connection with Gleichen's $241.5 million special warrant financing completed on November 12, 2009. Each special warrant may be exercised for no additional consideration into one (1) common share and one quarter of one (0.25) share purchase warrant. Each whole share purchase warrant entitles its holder to purchase one additional common share for CDN$1.30 until November 12, 2011. Cassels Brock & Blackwell LLP acted as legal counsel to Gleichen with a team that included Jay Goldman (Securities and Mining), Cathy Mercer (Securities and Mining), Andrea FitzGerald (Securities and Mining) and Angela Chu (Securities). |