Anaconda Mining News – Maritime Offer Increase & Goldboro Drill Results
Anaconda Mining has been busy again this week releasing news on the Maritime takeover bid and Goldboro drill results. Both of these news releases are linked below.
To summarize, the Company has increased its offer to Maritime shareholders to $0.21 per share. However this is only valid if Maritime does not go through with a recently proposed financing. In terms of the drill results we see some more high grade results out of Goldboro with some more narrow widths. I highly recommend checking out that new release and and the accompanying Exhibits to understand the overall makeup of the deposit.
Here are the links…
Anaconda to Increase Offer to Maritime Shareholders to $0.21 Per Share
> Newton Interviews with Dustin Angelo $ANX
by @Newton on July 6, 2018
Dustin Angelo: “The reason for the increased bid is that we have a concern with this private placement that Maritime is trying to do. We feel it’s a defensive tactic. We believe that we can offer a compelling alternative to that. By the way we’ve structured our latest press release and discussion about this to the market is that we’re asking these investors to not participate in this private placement because it’s a defensive tactic. At the same time, we feel it’s a better offering for the entire shareholder base versus these few investors who are getting some cheap stock.”
“We can offer a premium to the entire Maritime shareholder base. We thought it was compelling to increase our bid in order to make that more forceful. We also believe that there’s a very good combination here of the two companies putting together a substantial operating base on the Baie Vert Peninsula, where we have existing infrastructure, production, and a team with experience. We have a 15-plus years of talent capacity.”
“Maritime has the Hammerdown project that can supplement what we’re already doing. Then, both companies also have exploration properties along the major fault system along the Baie Vert Peninsula, so you have very compelling potential project where we could be producing 50-60 thousand ounces a year out of this area with long-term potential from the exploration assets. It is important to consistently generate cash flow for a long period of time and we already generate significant amount of cash flow at material with gram and a half gold; imagine if we put material through that mill with seven or eight grams per tonne from Hammerdown! Everybody stands to benefit from that.”
“We’re trying to put forward our best offer and give the shareholders of Maritime the opportunity to participate in in this combination, which I think will do a lot of a lot more good than Maritime going on it’s own.”
https://ceo.ca/@newton/newtoninterviews-with-dustin-angelo-anx-july-2018?ad4b519f39ef
Well, it is a strategic move by Dustin to increase the offer if the original offer doesn’t go through. I’m primarily a holder of Anaconda, but have also tendered my smaller position of Maritime shares to the Anaconda initial offer of $.16 per. If it gets moved to the second offer of $.21 per, then that won’t hurt my feelings either. 🙂