Andina Minerals Agrees To $103-Million Takeover by Hochschild Mining - Financial Post

17-08-2020 Andina Minerals agrees to $103-million takeover by Hochschild Mining | Financial Post
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Andina Minerals agrees to $103-million takeover

Junior gold miner Andina Minerals Inc. has agreed to be taken over by Hochschild Mining PLC
after the Latin American rm offered up a big premium
Peter Koven
Nov 08, 2012 • Last Updated 7 years ago • 1 minute read
Guenter Schiffmann/Bloomberg
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“After reviewing the alternatives available to our company, we believe that the offer is the best option for Andina
shareholders,” he said in a statement.
The Volcan project holds 6.6 million ounces of gold reserves. Capital costs were estimated at US$547-million early last
year, though other companies have reported signi cant cost in ation since then.
In addition to Volcan, Andina has joint ventures on two early-stage projects in Chile, one of which is a partnership with
Hochschild.
Hochschild has already entered lock-up agreements with insiders and investors holding 13.7% of Andina’s shares. The
London-listed company expects to mail its takeover circular by Nov. 22nd, and keep the bid open for acceptance for at
least 36 days.
BMO Capital Markets and Fraser Milner Casgrain LLP are advising Andina on the deal, while Hochschild is working with
RBC Capital Markets and Stikeman Elliott LLP.
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Junior gold miner Andina Minerals Inc. has agreed to be taken over by Hochschild Mining PLC after the Latin American
rm offered up a big premium for its small rival.
Hochschild bid $103.4-million in cash for Andina, or 80¢ a share. That is double Andina’s closing price on Wednesday,
though it comes after a year of poor stock performance for the junior company. Andina shares traded above the offer price
early this year, and were above $5 back in 2007 and early 2008.
Canada still has long way to go despite jobs bounce: CIBC’s Benjamin Tal
Andina chief executive George Bee noted that cost in ation is a key industry concern that dragged down the stock price.
There were also concerns about dilution as the Toronto-based company looked at how to nance its Volcan gold project in
Chile.
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Andina Minerals Agrees To $103-Million Takeover by Hochschild Mining - Financial Post

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