TIDMEGU
RNS Number : 0852Y
European Goldfields Ltd
24 February 2012
Eldorado Gold Corporation Completes Acquisition of
European Goldfields Limited
Vancouver, British Columbia - February 24, 2012. - Eldorado Gold
Corporation ("Eldorado" or the "Company") (TSX: ELD, NYSE: EGO,
ASX: EAU) and European Goldfields Limited ("European Goldfields")
(AIM: EGU, TSX: EGU) announce that today they completed the
previously announced plan of arrangement ("Arrangement") whereby
Eldorado acquired all the issued and outstanding securities of
European Goldfields.
Under the terms of the Arrangement former European Goldfields
shareholders received 0.85 of an Eldorado common share and C$0.0001
in cash for each European Goldfields share. Eldorado issued
157,959,316 common shares pursuant to the Arrangement.
Upon completion of the Arrangement, Paul N. Wright, President
and CEO of Eldorado Gold, commented "We are pleased to have
concluded this transaction, which will further enhance Eldorado's
position as a low cost, high growth, gold producer. We look forward
to the successful integration of Eldorado's new assets in Greece
and Romania with our existing mines and projects in the region. We
intend to provide detailed information on the Company's plans for
the new assets in April."
Highlights of the Transaction
-- Creates the premier high growth, low cost intermediate gold producer with a combined market capitalization of approximately C$10.5 billion
-- Leading growth profile with expected annualized production
growth of 30% over the next four years, reaching over 1.5 million
ounces of gold production by 2015
-- Strongly enhances Eldorado's project pipeline with high
quality near-term producing projects
-- Ability to finance planned growth opportunities with current
balance sheet and strong cash flows from existing production
-- Eldorado's dividend will remain unchanged with enhanced
ability for growth as European Goldfields' development projects are
built
-- Exceptional re-valuation opportunity driven by compelling
valuation, growth potential, transaction rationale and management
track record
The European Goldfields shares will be suspended from trading on
AIM as of 7:30 am (GMT) on February 24, 2012, with cancellation and
de-listing from AIM expected to occur on February 27, 2012. The
last trading day of the European Goldfields shares on the TSX is
expected to be on or about February 28, 2012.
About Eldorado Gold
Eldorado is a gold producing, exploration and development
company actively growing businesses in Turkey, China, Brazil,
Greece and Romania. With our international expertise in mining,
finance and project development, together with highly skilled and
dedicated staff, we believe that our company is well positioned to
grow in value as we create and pursue new opportunities.
ON BEHALF OF
ELDORADO GOLD CORPORATION and
EUROPEAN GOLDFIELDS CORPORATION
"Paul N. Wright"
Paul N. Wright
President and Chief Executive Officer
None of the securities anticipated to be issued pursuant to the
Arrangement have been or will be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), or
any state securities laws, and any securities issued in the
Arrangement are anticipated to be issued in reliance upon available
exemptions from such registration requirements pursuant to Section
3(a) (10) of the U.S. Securities Act and applicable exemptions
under state securities laws. This press release does not constitute
an offer to sell or the solicitation of an offer to buy any
securities.
Certain of the statements made herein may contain
forward-looking statements or information within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities laws. Forward-looking statements or
information herein include, but are not limited, to statements or
information with respect to: (i) the combined company's expected
growth profile; (iii) the anticipated market capitalization of the
combined company; (iv) the combined company's access to financing;
(v) the value and payment of the combined company's dividends; (vi)
the re-valuation opportunity for the combined company.
Forward-looking statements and forward-looking information by
their nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information. We have made certain assumptions about
the forward-looking statements and information, including,
assumptions about the price of commodities, the estimated reserve,
resources and production of the combined entity and the impact on
the integration of the business on our operations and financial
position. Even though our management believes that the assumptions
made and the expectations represented by such statements or
information are reasonable, there can be no assurance that the
forward-looking statement or information will prove to be accurate.
Furthermore, should one or more of the risks, uncertainties or
other factors materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
in forward-looking statements or information. These risks,
uncertainties and other factors include, among others, the
following: the ability to conclude a transaction, commodity price
volatility; discrepancies between actual and estimated production,
mineral reserves and resources and metallurgical recoveries; mining
operational and development risk; business integration risks;
litigation risks; regulatory restrictions, including environmental
regulatory restrictions and liability; risks of sovereign
investment; currency fluctuations; speculative nature of gold
exploration; global economic climate; dilution; share price
volatility; competition; loss of key employees; additional funding
requirements; and defective title to mineral claims or property, as
well as those factors discussed in the sections entitled
"Forward-Looking Statements" and "Risk Factors" in the Eldorado's
Annual Information Form & Form 40-F dated March 31, 2011.
There can be no assurance that forward-looking statements or
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, you should not place undue reliance on the
forward-looking statements or information contained herein. Except
as required by law, we do not expect to update forward-looking
statements and information continually as conditions change and you
are referred to the full discussion of the Company's business
contained in the Company's reports filed with the securities
regulatory authorities in Canada and the U.S.
Contact:
Eldorado Gold Corporation
Nancy E. Woo, VP, Investor Relations
Phone: 604.601.6650 or 1.888.353.8166 1188, 550 Burrard Street
Fax: 604.687.4026 Vancouver, BC V6C 2B5
Email: nancyw@eldoradogold.com Website: www.eldoradogold.com
Request for information packages: reception@eldoradogold.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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