Nordgold Announces Expiry of Offer to Northquest Shareholders
London, the United Kingdom, 30 June 2016 - Nord Gold SE (“Nordgold” or the “Offeror”, LSE: NORD, formerly Nord Gold N.V.), the internationally diversified low-cost gold producer, announces that its offer to purchase all of the common shares (“Northquest Shares”) of Northquest Ltd. (“Northquest”) it does not already own (as amended, the “Offer”) expired at 5:00 P.M. (Toronto time) on June 29, 2016. Since Nordgold’s initial take up of Northquest Shares on June 15, 2016, 1,053,112 additional Northquest Shares have been deposited to the Offer as of 5:00 P.M. (Toronto time) on June 29, 2016. These Northquest Shares have been taken up under the Offer and will be paid for in accordance with the terms of the Offer. With the acquisition of these Northquest Shares, Nordgold will have acquired an aggregate of 53,214,853 Northquest Shares pursuant to the Offer, representing approximately 95.16% of the Northquest Shares not already owned by Nordgold as of the commencement of the Offer, and will own 108,789,852 Northquest Shares in the aggregate, representing approximately 97.57% of the issued and outstanding Northquest Shares.
Northquest is a Toronto based gold explorer which owns the Pistol Bay project in eastern Nunavut territory, Canada. The Pistol Bay property consists of 860 square kilometers of mineral rights within the underexplored Rankin-Ennadai greenstone belt. Within Arctic Canada, the project is favorably located within the Arctic Circle with existing infrastructure, and forms a part of Nordgold’s extensive international exploration pipeline. In April 2016, the Pistol Bay Maiden Inferred Resources of 739 koz of gold at 2.95 g/t were announced.
Nordgold also announces that, in accordance with the support agreement entered into between Nordgold and Northquest on May 26, 2016 (the “Support Agreement”) and in order to allow additional Northquest shareholders to tender their Northquest Shares to the Offer, it has extended the expiry time under the Offer to 5:00 P.M. (Toronto time) on June 29, 2016. A notice of extension (the “Notice”) will be mailed to the Northquest shareholders and filed on SEDAR.
Under the terms of the Offer, Northquest shareholders who tendered their Northquest Shares to the Offer will receive CAD $0.26 in cash for each Northquest Share tendered in accordance with the terms of the Offer.
As further described in the Offer circular (as amended), Nordgold intends to carry out a compulsory acquisition or subsequent acquisition transaction to acquire Northquest Shares not deposited under the Offer. With the acquisition of the Northquest Shares taken-up to date under the Offer, Nordgold is in a position to ensure a successful outcome of any shareholder vote in respect of a subsequent acquisition transaction.
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