Wishing all readers the best for the festive season.
*whatever that means
A Flash update just went out to subscribers (message to 'TK'; your mailbox is full and bouncing things, dude) regarding Dia Bras (DIB.v) and MAG Silver (MAG.to)(MVG).
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 12/22/09) - Canplats Resources Corporation (TSX-V:CPQ - News) ("Canplats" or the "Company") announces that it has received a binding proposal from Minera Penmont, S. de R.L. de C.V. ("Penmont") for the acquisition by Penmont of all of the outstanding common shares of Canplats by way of a plan of arrangement that is financially superior to the terms of the business combination agreement between Canplats and Goldcorp Inc. ("Goldcorp") originally announced November 16, 2009 (the "Goldcorp Agreement"). The Board of Directors of Canplats (the "Canplats Board") has determined, after receiving a recommendation to such effect from its Special Committee and the advice of the financial and legal advisors to the Company, that the proposed agreement with Penmont is a "superior proposal" for the purposes of the Goldcorp Agreement and has provided notice of such determination to Goldcorp. The consideration that would be received by Canplats shareholders if the Penmont proposal was implemented represents a premium of 84% to the 20-day volume weighted average trading price of the Canplats common shares on the TSX Venture Exchange prior to the announcement by Canplats that it entered into the Goldcorp Agreement and a premium of 38% to the implied value of the proposed Goldcorp transaction based on the closing price of the common shares of Goldcorp on the Toronto Stock Exchange on December 22, 2009.
Under the transaction proposed by Penmont, Canplats shareholders would receive, for each Canplats common share, C$4.20 in cash and shares of a new exploration company with a notional value of C$0.20. The new exploration company would hold C$10 million in cash and Canplats' Rodeo, El Rincon, Mecatona, Maijoma and El Alamo Properties. Except for its financially superior terms, and the fact that all (and not 90.1% as outlined in the Goldcorp Agreement) of the shares of the new exploration company would be distributed to Canplats' securityholders, the proposed agreement with Penmont is substantially similar to the Goldcorp Agreement, including with respect to the treatment of outstanding options and warrants to purchase common shares of the Company. The proposed agreement with Penmont includes a break fee, payable to Penmont in certain circumstances, of C$9.3 million, which is the same percentage of the value of the Penmont transaction as the break fee payable to Goldcorp under the Goldcorp Agreement.
Under the terms of the Goldcorp Agreement, Goldcorp has a period of five business days expiring on Thursday, December 31, 2009 (the "Response Period") to offer to amend the terms of that agreement.
If, within the Response Period, Goldcorp offers to amend the Goldcorp Agreement such that the Canplats Board determines that the proposed agreement with Penmont is no longer a superior proposal, Canplats will be required to enter into an amendment to the Goldcorp Agreement and implement the amended agreement. In that circumstance, no agreement will be entered into between Canplats and Penmont with respect to the transaction proposed by Penmont.
If, within the Response Period, Goldcorp does not offer to amend the Goldcorp Agreement, or if the proposed Penmont transaction continues to be superior to an amended transaction proposed by Goldcorp, Canplats intends to pay Goldcorp the agreed termination payment of C$7.2 million, terminate the Goldcorp Agreement and enter into an agreement with Penmont to complete a transaction on the terms proposed by it. In that event, the directors and officers of Canplats will enter into lock-up agreements with respect to the transaction with Penmont on substantially the same terms as the agreements entered into with Goldcorp pursuant to which, among other things, they will agree to vote their Canplats common shares, options and warrants in favour of the Penmont transaction at a meeting of securityholders of Canplats to be called to consider such transaction.
Canplats will issue further news releases providing additional information as developments warrant, including information with respect to any changes to the meeting of securityholders of Canplats currently scheduled for January 14, 2010.
Penmont, a company jointly owned by Fresnillo PLC ("Fresnillo") and Newmont USA Limited, a subsidiary of Newmont Mining Corporation ("Newmont"), owns the operating Herradura mine and the nearly complete Soledad & Dipolos project, both located in Sonora, Mexico. Fresnillo, the world's largest primary silver producer and Mexico's second largest gold producer, is listed on the London Stock Exchange under the symbol "FRES". Newmont is one of the world's largest gold producers with significant assets or operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. Its common shares are listed on the New York Stock Exchange under the symbol "NEM".
Dec. 22 (Bloomberg) -- Brazil should stop increasing international reserves as the local currency stabilizes and economic growth quickens, former central bank director Carlos Eduardo de Freitas said.“It’s a totally logical moment for the central bank to stop buying reserves,” Freitas, who was part of the central bank’s monetary policy committee from 1999 to 2003, said in a telephone interview from....
"...“If they don’t stop buying reserves now they will be paying a high cost for no reason,” Freitas said yada yada continues here
Arriving at your eyeballs, courtesy of The Mex Files (photo ripped from TMF, too):
"By a margin of 39 to 20, the Federal District Assembly approved a bill redefining “marriage” as the “free uniting of two PERSONS” earlier today. Jefe de goberierno, Marcello Ebrard still needs to physically sign the bill, and the text has to be published in the Gaceta before the new law takes effect… which takes about 45 days. Wedding planners might want to start work now for the mid-February rush.Naturally, Felipe Calderón is already looking for some way to challenge the bill in the courts and Armando Martinez, the president of something called the College of Catholic Attorneys is whining about...."
...I don't like Emerick (ERC.v) any more:
|As of December 21st, 2009|
|Filing Date||Transaction Date||Insider Name||Ownership Type||Securities||Nature of transaction||# or value acquired or disposed of||Unit Price|
|Dec 21/09||Dec 17/09||Ridgway, Simon T.P.||Direct Ownership||Common Shares||10 - Disposition in the public market||-88,000||$0.260|
|Dec 21/09||Dec 17/09||Ridgway, Simon T.P.||Direct Ownership||Common Shares||10 - Disposition in the public market||-2,000||$0.255|
|Dec 21/09||Dec 17/09||Ridgway, Simon T.P.||Direct Ownership||Common Shares||10 - Disposition in the public market||-19,000||$0.260|
|Dec 21/09||Dec 17/09||Ridgway, Simon T.P.||Direct Ownership||Common Shares||10 - Disposition in the public market||-30,000||$0.270|
|Dec 21/09||Dec 17/09||Ridgway, Simon T.P.||Direct Ownership||Common Shares||10 - Disposition in the public market||-45,000||$0.270|
|Dec 21/09||Dec 17/09||Ridgway, Simon T.P.||Direct Ownership||Common Shares||10 - Disposition in the public market||-9,000||$0.275|
|Dec 21/09||Dec 17/09||Ridgway, Simon T.P.||Direct Ownership||Common Shares||10 - Disposition in the public market||-50,000||$0.300|
|Dec 21/09||Dec 17/09||Ridgway, Simon T.P.||Direct Ownership||Common Shares||54 - Exercise of warrants||243,750||$0.200|
|Dec 21/09||Dec 17/09||Ridgway, Simon T.P.||Direct Ownership||Warrants||54 - Exercise of warrants||-243,750|| |
"Our goal at Precious Earth is to make jewelry that is as beautiful on the inside as it is on the outside. We know that inner beauty is what it takes to sustain a relationship and that is exactly what Precious Earth jewelry is about. Each Precious Earth piece is created with the socially conscious consumer in mind. You will feel good knowing that your jewelry is crafted with recycled and renewed precious metals in an effort to help preserve the earth’s natural resources yada yada continues here
Peru's gold rush sparks fears of ecological disaster
The high price of gold has drawn thousands of miners to a region of south-east Peru, but deforestation and the high levels of mercury used in mining has led to fears of an imminent ecological disaster, as Dan Collyns reports.
It is only from the air that you can see the full extent of the destruction.
The forests seems almost endless until it is abruptly interrupted by the raw colours of sand and earth; rivers torn open and thousands of hectares denuded and pocked with dead, stagnant pools of water.
Alluvial gold mining in Peru's southern Amazon rainforest has spread, driven by the high price of gold, now more than $1,100 (£680) per ounce, or $36 a gram.
Close to 200 sq kms (77 sq miles) of jungle have been lost in the evocatively named Madre de Dios (Mother of God) region.
"To know what we are losing, this area of Peru - the western Amazon - is the world's enclave of biological diversity," says biologist Ernesto Raez, who heads the Environmental Sustainability Centre in Lima's Cayetano Heredia University.
Ecometals limited, registered in the Bermuda Islands, formed a JV with
Alto Tocantins Mineração Ltda e Tocantins Mineração S.A (ATL).
After various signed and unfulfilled agreements, lies, subterfuge and fraud on behalf of Ecometals Limited and despite reports sent to the Toronto, Berlin and Frankfurt stock exchanges informing them that the Serra Navio manganese property has been transferred to Ecometals Limited; The claim is false
The property contains in excess of 5 million tonnes of extracted and stockpiled manganese in the municipality of Serra do Navio Ap (located on the property of Alto Tocantins Mineração Ltda e Tocantins Mineração S/A) that does not effect and will not effect the transfer of manganese mineral (this property is proven in annual budgets, the federal revenue registry and income taxes of the company Tocantins Mineração S/A ).
The unfulfilled agreement and irresponsible attitude of the company and its CEO Fran Scola, has caused us innumerable damages and difficulties, including a 15 month delay in payment of employees resulting in innumerable worker actions, protests, judicial orders from suppliers and the federal revenue service, including judicial action on behalf of workers of Ecometals Limited in Brazil.
This flagrant attitude of Ecometals Limited has also resulted in non-payment of a single month's salary to Director Jorge Augusto Carvalho de Oliveira(ATL), since the formation of the JV. The director of Ecometals Limited in Brazil , Mr. Paulo Fernando Chedid Lisboa faces serious charges in federal court which are immobilizing all projects of Ecometals Limited throughout Brazil.
Tocantins Mineração S/A is a company with vast experience in the mining field with 50 years of active experience in the market and does not act by the corporate principles and norms of Ecometals Limited: as a result, the company has adopted the following provisions::
The company has removed the chairperson, Sr. Jean Roberto Houat, leaving ATL without representation in the administrative council of the JV
The JV contract has been retracted and mandated to court to proceed with the dissolution of the company for non-compliance with contractual clauses
Actions are being taken in Labour court for the payment in arrears of Director Mr..Jorge Augusto Carvalho de Oliveira
Interested parties can reach us at the following address to receive documentation related to the case.
Alto Tocantins Mineração Ltda
Tocantins Mineração S/a
Santana – Amapá
19 de dezembro de 2009-
.....Peru's GDP for the whole decade.
Or if you prefer, we embed. Thanks to reader 'A' for the headsup.
Yves Smith over at Naked Capitalism fills us in.
After hearing passionate arguments from the Obama Administration, the Supreme Court acquiesced to the president’s fervent request and, in a one-line ruling, let stand a lower court decision that declared torture an ordinary, expected consequence of military detention, while introducing a shocking new precedent for all future courts to follow: anyone who is arbitrarily declared a “suspected enemy combatant” by the president or his designated minions is no longer a “person.” They will simply cease to exist as a legal entity. They will have no inherent rights, no human rights, no legal standing whatsoever — save whatever modicum of process the government arbitrarily deigns to grant them from time to time, with its ever-shifting tribunals and show trials.
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