Oro Mining Ltd. (OGR.V) said it has received an independent
opinion that Wexford Capital LP's offer to acquire the company at
11 cents per share is financially inadequate.
A special committee of independent directors has advised that,
based on its review to date, "its preliminary view is that the
proposed Wexford unsolicited offer significantly undervalues the
shares of Oro, is highly opportunistic in terms of timing and is
clearly intended to take advantage of the pervasive fear that has
existed in the market for junior resource companies over the last
several months. The special committee also wishes to confirm that
the company has not, and presently has no intention to, provide
support to Wexford in any form in connection with its proposed
Oro Gold was last quoted at 2:11 pm (
) at 10 cents, unchanged for the session
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