Kinross Gold Corporation announced today that it has taken up and paid for an additional 15,165,279 common shares of Aurelian Resources Inc. following the extension of Kinross’ previously announced offer to acquire all of the issued and outstanding common shares of Aurelian, dated July 28, 2008, since the initial expiry date of September 3, 2008, and including shares subsequently deposited pursuant to notices of guaranteed delivery during the initial bid period. As a result of this acquisition, Kinross now beneficially owns a total of 138,689,460 common shares of Aurelian, or 90.7% of the issued and outstanding common shares of Aurelian (on a fully diluted basis), and 89.7% of the Aurelian shares excluding the 15 million shares acquired by Kinross prior to the offer.
Kinross has also extended its offer to enable those shareholders who have not yet tendered their shares a final opportunity to deposit their Aurelian shares to the offer. A notice of extension will be mailed to shareholders in the coming days, and the offer as extended is now expected to expire at midnight (Toronto time) on September 29, 2008. Following this final extension, Kinross expects to acquire all of the remaining shares by way of compulsory acquisition.
Upon completion of the compulsory acquisition, Kinross intends to de-list the common shares of Aurelian from the Toronto Stock Exchange.
Kinross has issued approximately 4.8 million additional common shares and approximately 2.2 million additional warrants as a result of taking up and paying for the Aurelian shares validly deposited to the offer since the initial expiry date of September 3, 2008. Kinross had previously issued approximately 34.4 million common shares and 15.5 million warrants in respect of shares deposited to the offer up to the initial expiry date of September 3, 2008.
Kinross has also agreed to make a joint tax election with certain holders of common shares of Aurelian within 90 days after the expiry time of the offer. As a result of the extension of the expiry time under the offer from 6:00 p.m. (Toronto time) on September 3, 2008 to 6:00 p.m. (Toronto time) on September 15, 2008, the deadline for providing the requisite tax information to Kinross has been extended from December 2, 2008 to December 29, 2008. Details regarding the tax election are contained in the offer documents and at https://www.taxelection.ca/kinross.
Kinross is a Canadian-based gold mining company with mines in the United States, Brazil, Russia and Chile, and approximately 5,000 employees worldwide. Kinross’ strategic focus is to maximize net asset value and cash flow per share through a four-point plan built on: generating growth from core operations; expanding capacity for the future; attracting and retaining the best people in the industry; and driving new opportunities through exploration and acquisition.