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PRESS RELEASE | Paris: EUR |
CONSTITUTION OF AN AD HOC COMMITTEE
Paris, France, November 21, 2023: The Board of Directors of EURO Ressources SA (“EURO” or the “Company”) (Paris: EUR) met on October 6, 2023 within the framework of an intention received on the part of IAMGOLD Corporation and its 100% subsidiary IAMGOLD France SAS to file a public buyout offer followed by a squeeze-out.
In accordance with article 261-1-III of the general regulations of the Financial Markets Authority (“AMF”), the Board of Directors of the Company thus assembled formed an ad hoc committee composed of Mr. David Watkins as Chairman (independent director), Mr. Ian Smith (independent director) and Ms. Susanne Hermans (independent director).
The ad hoc committee is responsible for proposing to the Board of Directors the appointment of an independent expert, monitoring the expert’s work and issuing a recommendation to the Board of Directors on the proposed offer.
Following the recommendations of the ad hoc committee, the board of directors meeting on October 17, 2023 appointed Sorgem Evaluation, represented by Ms. Claire Karsenti, as independent expert.
On November 14, 2023, IAMGOLD France SAS filed with the AMF a draft public buyout offer for the Company’s shares pursuant to article 236-3 of the AMF general regulations (the “Offer”). “).
The Board of Directors will issue a reasoned opinion on the draft Offer after having taken note of the report of the independent expert and the recommendation of the ad hoc committee.
The independent expert’s report and the reasoned opinion of the Company’s Board of Directors will appear in the Company’s draft response note.
About EURO
EURO is a French company whose main assets are a royalty on Rosebel Gold Mines in Suriname (the “Rosebel Royalty”), a royalty relating to the Paul Isnard concessions, a silver production with a subsidiary of Orezone Gold Corporation ( “Orezone”), and negotiable securities. Rosebel Gold Mines is 95% owned and operated by Zijin Mining Group Co. Ltd. The existing Rosebel royalty, which is owned by EURO, will remain an obligation of IAMGOLD. The net refining production royalty covers future production from the Paul Isnard concessions and an area of interest surrounding them in French Guiana, held by the Montagne d’Or project holding company, including Orea Mining Corp. (“Orea”) holds 44.99%. For silver production, EURO will receive 50% of the silver production payable over the life of Orezone’s Bomboré mine, located in Burkina Faso, West Africa.
EURO has approximately 62.5 million shares outstanding. As of October 31, 2023, IAMGOLD France SAS (“IAMGOLD France”), an indirectly wholly owned subsidiary of IAMGOLD, owned approximately 90% of all outstanding shares of EURO. As of October 31, 2023, IAMGOLD France held 56,242,153 shares representing 112,300,344 voting rights, or approximately 94.37% of EURO’s voting rights.
Forecast notes
: Certain statements in this press release are forecasts. Investors are cautioned against the unpredictability inherent in forecasts, as they involve risks and uncertainties. There can be no certainty that the evolution of the Company will be that anticipated by its management.
This release is not intended for distribution to U.S. news agencies or for dissemination in the United States. The securities referred to herein have not been registered under the United States Securities Act of 1933, as amended (“Securities Act”) and may not be offered or sold in the United States or any other country. United States person without registration under the Securities Act or an exemption from the registration requirements of that Act.
Additional information on EURO Ressources SA is available on the SEDAR website at www.sedar.com. For any other inquiries, please contact:
Tidiane Barry | Sophie Hallé |
Attachment
PR 23-10FR 2023 11 21 EURO – Press release – Constitution of the Ad Hoc Committee