Hathor Exploration (TSX:HAT) Receives Unwanted Takeover Offer from Cameco Corp (TSX:CCO) - Video Summary Posted on www.InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, September 2, 2011 - Cameco Corporation (TSX:CCO)
recently announced plans to make a cash offer of CDN$3.75 per share for Hathor
Exploration (TSX:HAT). This offer followed unsuccessful discussions between the
two companies.
InvestmentPitch.com has produced a "video news alert" about Hathor Exploration.
If this link is not enabled, please visit www.InvestmentPitch.com and enter
"Hathor" in the search box.
Based on Hathor's estimated fully diluted share capital of approximately 139
million shares, this offer is valued at approximately $520 million.
Hathor's shares, which closed last Thursday at $2.67, on volume of 177,000
shares, closed Friday at $3.88 on volume of 46,600,000 shares. Hathor's price
has continued to move up, closing at $4.14 on August 31st, approximately 10%
higher than Cameco's offer, suggesting investors are expecting a higher offer
price or a competing bid.
Dundee Securities analyst, David Talbot believes that "Cameco has potentially
kick-started what could become a bidding war for Hathor. The bottom line is that
this initial offer appears to be too low in our opinion."
Talbot recently increased his 12-month price target on Hathor's shares from
$5.10 to $5.60. He accused Cameco of "fear mongering" with its explanation that
Hathor doesn't have the financial capacity to develop the project as a reason
why shareholders should accept the offer.
Hathor describes Cameco's offer as opportunistic and accuses Cameco of
"leveraging the market capitalization set-back in this industry post-Fukushima".
Hathor is referring to the drop in Uranium prices following the nuclear plant
meltdown in Japan caused by the devastating earthquake and tsunami.
In spite of the Fukushima accident, the World Nuclear Association states that a
large number of nuclear facilities are under construction, planned or proposed.
If all of the nuclear power plants that have been proposes are actually built,
nuclear generating capacity would more than double from the 2010 level.
At stake is Hathor's flagship Roughrider uranium deposit, which is estimated to
contain 17.2 million pounds U3O8 in indicated resources and 40.7 million pounds
U3O8 in inferred resources. It is within the northern part of the main uranium-
producing eastern corridor of the Athabasca Basin, within the western Canadian
Province of Saskatchewan. The property has been converted from mineral claim to
mineral lease, and following the discovery in 2008, Hathor continues to drill,
update and optimize the overall resource potential of three different mineral
zones identified to date.
The Roughrider deposit is located within 25 kilometres of Cameco's operating
Rabbit Lake mill.
The Athabasca Basin hosts all of Canada's producing uranium mines, and is the
origin of some 20 to 30% of world uranium production over the past 35 years. It
currently accounts for approximately 17% of global uranium production.
This offer came just weeks before Hathor's planned release of the first economic
assessment of the Roughrider uranium deposit.
Hathor urges shareholders not to respond to the offer until the company has had
sufficient time to respond to the offer and make available to shareholders
information on the economic parameters for Roughrider, assays from the recently
completed drill program at Far East Zone, and also insights into the strategic
nature of the Athabasca Basin in the global uranium industry and how that
relates to the value of the Roughrider uranium deposit. The company will
formally respond to the Cameco offer no later than September 14(th), 2011.
For more information on Hathor Exploration please visit their website at
www.hathor.ca. The company's media and investor relations are handled by Kelsea
Murray. She can be reached at 604-684-6707 or by email at kmurray(at)hathor.ca.
InvestmentPitch.com is a multimedia company that provides a combined solution
for creating and hosting financial video content, and distributing it across
multiple platforms to investors and financial professionals.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan(at)investmentpitch.com
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Source: InvestmentPitch via Thomson Reuters ONE
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Unternehmensinformation / Kurzprofil:
Datum: 02.09.2011 - 17:44 Uhr
Sprache: Deutsch
News-ID 62063
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Kategorie:
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