Hathor Exploration (HAT.TO) urged shareholders on Wednesday to reject a conquest offer from Cameco Corp (CCO.TO), saying the C$520 million ($526 million) bid undervalues the excellence of its Roughrider uranium deposit.
Cameco launched its aggressive bid for the uranium exploration company in late August, after talks meant at a friendly deal failed [ID:nNL4E7JQ27] at stake is Hathor's Roughrider deposit, a uranium project situated near Cameco's Rabbit Lake mill in the Athabasca Basin of the Canadian province of Saskatchewan.
Hathor said Cameco's C$3.75 a share offer was financially insufficient and failed to ascribe value to Roughrider and to its other assets, as well as its Russell Lake property in the southeastern Athabasca Basin, Cameco, which is Canada's top uranium producer, argue that Hathor is underestimating the costs, timeline and risks related with building a uranium mine and mill, and as such, has overstated the worth of its projects.
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