Vancouver's Northern Continental Resources Inc. (TSX-V:NCR) remains opposed to a $15 million hostile takeover bid for the company by Hathor Exploration Ltd. (TSX-V:HAT).
The Vancouver company's all-share offer, tendered in mid-November, would give Northern Continental shareholders 0.40 of a Hathor share, which represents roughly $0.35 per Northern Continental share. The offer represented a 45% premium on Northern Continental's 320-day average share price in October.
The takeover would give Hathor complete ownership of Saskatchewan's Russell Lake uranium property. Hathor owns 40% of the property; Northern Continental owns 60%.
They had been working in a joint venture to develop the property prior to the takeover bid. Northern Continental took over exploration of the property in October 2007.
Northern Orion's share price over the past week: between $0.30 and $0.32; 52-week high: $0.78; 52-week low: $0.20.