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Northgate Mineral's 3.5% notes to become convertible into AuRico stock
By Angela McDaniels
Tacoma, Wash., Oct. 3 - Northgate Minerals Corp. said its 3.5% convertible senior notes due 2016 will be convertible into AuRico Gold Inc. common shares once AuRico acquires Northgate.
The company will have the option to deliver cash or a combination of cash and common shares to settle conversions.
The companies expect the merger to close on Oct. 26. Until that time, the notes will be convertible into Northgate common shares.
AuRico agreed on Aug. 29 to acquire all of the outstanding shares of Northgate. Shareholders will receive 0.365 of an AuRico common share for each common share of Northgate.
Northgate Minerals is a gold and copper producer based in Vancouver, B.C. AuRico is a precious metals producer based in Toronto.
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