Johannesburg, South Africa — MININGREVIEW.COM — 01 July 2008 – Leading international gold producer AngloGold Ashanti Limited has finalised its 100% acquisition of the American mining company Golden Cycle Gold Corporation (GCGC).
A news release issued here confirmed that the shareholders of GCGC had approved the merger with a wholly owned subsidiary of AngloGold Ashanti at a special meeting in Colorado yesterday. Shareholders representing more than 7 million shares voted in favour of the merger, which becomes effective today.
As a result, AngloGold Ashanti will acquire 100% of GCGC by way of a statutory merger under Colorado law, and will subsequently own 100% of Cripple Creek & Victor Gold Mining Company. The Bank of New York has been appointed as exchange agent for the merger, and notice and exchange instructions are expected to be mailed to the shareholders of GCGC by Thursday this week.
GCGC president and CEO R. Herbert Hampton commented: “We are pleased that shareholders representing approximately 71.85% of our common stock have expressed their confidence in AngloGold Ashanti by approving the merger.”
Also commenting on the transaction, AngloGold CEO Mark Cutifani said: “We are extremely pleased that Golden Cycle shareholders have approved the transaction that will enable us to continue to consolidate the full mineral endowment at CC&V over the remainder of the mine’s life.”