Orko and Coeur Announce Election Report
April 11 2013 - 4:30PM
Business Wire
Orko Silver Corp. ("Orko") (TSX-V: OK) (Frankfurt: OG3) (OTCUS:
OKOFF) and Coeur d'Alene Mines Corporation ("Coeur") (NYSE: CDE)
(TSX: CDM) are pleased to provide an update regarding the
consideration to be received by Orko shareholders pursuant to the
previously announced plan of arrangement (the "Arrangement")
whereby Coeur will acquire all of the issued and outstanding common
shares of Orko (the "Orko Shares"). As previously announced, the
Arrangement was approved by Orko shareholders yesterday.
Orko and Coeur received an election report from Computershare
Trust Company of Canada setting out the number of common shares of
Coeur (the "Coeur Shares"), warrants to purchase Coeur Shares (the
"Coeur Warrants") and/or cash consideration that each Orko
shareholder will be entitled to receive pursuant to the
Arrangement, after proration, as follows:
- Orko shareholders who have elected or
are deemed to have elected to receive the cash and share
consideration will receive $0.70 cash, 0.0815 of a Coeur Share and
0.01118 of a Coeur Warrant for each Orko Share held;
- Orko shareholders who have elected to
receive the share consideration will receive 0.1118 of a Coeur
Share and 0.01118 of a Coeur Warrant for each Orko Share held;
and
- Orko shareholders who have elected to
receive the cash consideration will receive $0.74 cash, 0.0797 of a
Coeur Share and 0.01118 of a Coeur Warrant for each Orko Share
held.
The cash consideration alternative was oversubscribed, and
pursuant to the proration methodology established under the
Arrangement, Orko shareholders who have elected to receive the cash
consideration will receive the cash, Coeur Shares and Coeur
Warrants as described above.
Pursuant to the Arrangement, Orko shareholders will receive
total cash consideration of CAD$100 million, 11,572,918 Coeur
Shares and 1,588,768 Coeur Warrants. Following the completion of
the Arrangement, the current Orko shareholders will hold
approximately 11% of the issued and outstanding Coeur Shares (prior
to the exercise of the Coeur Warrants). The Coeur Warrants will
trade under the symbol "CDE.WS" on the NYSE and "CDM.WT" on the
TSX. Trading is expected to commence on April 17, 2013 on both
exchanges.
Orko will apply for a final order of the Supreme Court of
British Columbia approving the Arrangement on Friday, April 12,
2013 and, assuming receipt of court approval and the satisfaction
or waiver of all remaining closing conditions, Orko and Coeur
expect the Arrangement to be effective on or about April 16,
2013.
Orko shareholders with questions regarding the deposit of Orko
Shares to the Arrangement can contact Kingsdale Shareholder
Services Inc. toll free in North America at (888) 518-6812 or call
collect outside North America at (416) 867-2272 or by email at
contactus@kingsdaleshareholder.com.
About Orko
Orko Silver Corp. is developing one of the world's largest
undeveloped primary silver deposits, La Preciosa, located near the
city of Durango, in the State of Durango, Mexico.
About Coeur
Coeur d'Alene Mines Corporation is the largest U.S.-based
primary silver producer and a growing gold producer. Coeur has four
precious metals mines in the Americas generating strong production,
sales and cash flow in continued robust metals markets. Coeur
produces from its wholly owned operations: the Palmarejo
silver-gold mine in Mexico, the San Bartolomé silver mine in
Bolivia, the Rochester silver-gold mine in Nevada and the
Kensington gold mine in Alaska. Coeur also owns a non-operating
interest in a mine in Australia, and conducts ongoing exploration
activities in Mexico, Argentina, Nevada, Alaska and Bolivia. In
addition, Coeur owns strategic investment positions in eight silver
and gold development companies with projects in North and South
America.
Special Note Regarding Forward Looking Statements
This News Release may contain forward-looking statements,
including but not limited to comments regarding the completion of
the transactions contemplated herein. Forward-looking statements
address future events and conditions and therefore involve inherent
risks and uncertainties. Actual results may differ materially from
those currently anticipated in such statements and Orko and Coeur
undertake no obligation to update such statements, except as
required by law. Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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