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ARTICLE · 26 SEPTEMBER 2013

BCSC Releases Reasons In The Aurizon Rights Plan Decision

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The British Columbia Securities Commission has released reasons supporting its March 18, 2013 decision to grant Alamos Gold Inc.’s request to cease trade a shareholder rights plan implemented by Aurizon Mines Ltd. in the face of Alamos’ hostile bid for Aurizon, while rejecting Alamos’ request to cease trade the rival white-knight bid for Aurizon from Hecla Mining Corporation.

CanadaCorporate/Commercial Law
Fred Pletcher
Fred Pletcher
Michael Waters
Michael Waters
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The British Columbia Securities Commission (BCSC) has released reasons supporting its March 18, 2013 decision to grant Alamos Gold Inc.'s request to cease trade a shareholder rights plan implemented by Aurizon Mines Ltd. in the face of Alamos' hostile bid for Aurizon, while rejecting Alamos' request to cease trade the rival white-knight bid for Aurizon from Hecla Mining Corporation. The panel's reasons include commentary on the appropriateness of a $27.2 million dollar break fee that would have been payable to Hecla if Alamos had been able to acquire sufficient shares to block the Hecla offer.

Following the BCSC's decision in March, Alamos withdrew its bid, citing the Hecla break fee as the key reason. The Hecla offer was ultimately successful. A brief summary of the key facts is as follows:

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