Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Turquoise Hill Resources Ltd. (TRQ) has completed the transactions required for the statutory plan of arrangement with Rio Tinto International Holdings Limited
  • Turquoise Hill sold roughly 49 per cent of its issued and outstanding common shares to Rio Tinto for $43.00 per share in cash
  • The company will apply to have its common shares delisted from the Toronto Stock Exchange and the New York Stock Exchange
  • It will also as cease to be a reporting issuer under Canadian securities laws
  • Turquoise Hill Resources Ltd. (TRQ) is up 0.02 per cent, trading at $42.98 per share as of 1:41 p.m. EST

Turquoise Hill Resources (TRQ) has completed the transactions required for the plan of arrangement with Rio Tinto International Holdings Limited.

Under the arrangement, Turquoise Hill sold roughly 49 per cent of its issued and outstanding common shares to Rio Tinto for $43.00 per share in cash.

The purchase price of $43.00 per share reflected a 67 per cent premium to Turquoise Hill’s closing price of $25.68 per share on the Toronto Stock Exchange on March 11, 2022, which was the last trading day before Rio Tinto’s initial public proposal to acquire the Minority Shares.

It also represents a 19 per cent premium to Turquoise Hill’s closing price of $36.12 on August 31, 2022, the last trading day before the September announcement of the term sheet related to the arrangement.

As a result of the transaction, Turquoise Hill stated it will apply to have its common shares delisted from the Toronto Stock Exchange and the New York Stock Exchange, as well as cease to be a reporting issuer under Canadian securities laws.

Turquoise Hill is an international mining company focused on the operation and continued development of the Oyu Tolgoi copper-gold mine in Mongolia. This mine is the company’s only material mineral resource property held by Turquoise Hill through a 66 per cent interest in Oyu Tolgoi LLC.

Turquoise Hill Resources Ltd. (TRQ) is up 0.02 per cent, trading at $42.98 per share as of 1:41 p.m. EST.


More From The Market Herald

" Osisko Mining (TSX:OSK) announces $75 million private placement

Osisko Mining (OSK) will undertake a C$75 million bought-deal private placement.

" @ the Bell: Markets tumble amid rate worries

Canada’s main stock index was weighed down on Monday by commodity-linked and financial stocks. The telecom and utilities sectors posted some gains.
Dolly Varden Silver Corporation - President & CEO, Shawn Khunkhun.

" Dolly Varden Silver (TSXV:DV) reports highest-grade silver assay found so far on the Kitsault Valley Property

Dolly Varden Silver Corporation (DV) discovered the highest-grade silver assay found so far on the Kitsault Valley Property.

" Millennial Potash (TSXV:MLP) announces $2M private placement of units

Millennial Potash Corp. (MLP) has announced a private placement for gross proceeds of $2 million.