Welcome To the Copper Fox Metals Inc. HUB On AGORACOM

CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)

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Message: Why Their will be No Announcement of a Buy Out at the AGM

After doing a bit of research it may interest everyone to know that there can be no buyout announcement at the upcoming AGM.  Under SEC rules and similar rules in Canada governing buyouts and Asset Acquisitions ( under Multilateral Instrument MI 61-101 ) an acquisition of a significant asset of a company that materially affects that company must require 66.6% approval of the voting shares of the company.  Since EE does not own 66.6% of the stock he cannot unilaterally decide this on his own.  Management must issue a notice to all shareholders about the offer and make a public notice of this as well in a newswire or national newspaper.  Furthermore, a min period of at least 20 days is required for shareholders to vote their shares to this offer.   

Furthermore if the offer from the acquiring company ( Teck ) affects them in a material way they must also inform their shareholders with the details of the offer and also require 66.6% approval of their shareholders.  Eg. let's say Teck offers $1/sh for buying SC from CUU.  That's about $500M transaction.  Teck's market cap as of late is approx. 5B so that would be 10% of their market cap and therefore they would also req. shareholder approval.  In addition to this if Teck does make an offer to buyout SC, they would have to provide supporting documentation to justify this purchase to shareholders.  Thus, these optimization studies would have to be made public.  Since none of this has been done there can be no buyout on the table imho.  

 

 

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