Wega Mining Acquires Goldbelt Resources

On December 13, 2007, Wega Mining ASA completed its acquisition of over 91 per cent of the outstanding shares of Goldbelt Resources Ltd. by way of a take-over bid, for a total bid price of approximately $104 million. Wega Mining and Goldbelt had entered into a support agreement pursuant to which Wega Mining agreed to subscribe for 16 million shares of Goldbelt and to make the take-over bid. In addition, Dundee Precious Metals Inc., Goldbelt's largest shareholder, agreed pursuant to a lock-up agreement to tender its approximately 41 per cent block to Wega Mining's bid. Together with the shares it subscribed for, Wega Mining acquired an aggregate of approximately 93 per cent of the Goldbelt shares for a total price of approximately $118 million.
Wega Mining is an Oslo-based international mining company focused on exploring, developing and operating gold, copper and zinc deposits. Wega Mining currently holds exploration licenses in Guinea, Canada, Portugal, Ecuador, Romania and Norway, and a gold-copper development project in Canada. Goldbelt is a Canadian junior mining company focused on exploring and developing gold prospects in Burkina Faso, West Africa and also holds exploration licenses in Guinea and Mali.

Wega Mining was represented by Davies Ward Phillips & Vineberg LLP with a team that included Kevin Thomson, Lisa Damiani and Jennifer Longhurst (corporate/securities), Geoffrey Turner and Christopher Anderson (Canadian tax), Darren Novak (US corporate) and Jennifer MacDonald (US tax). Wega Mining was also advised by John Christian (corporate) from Lawson Lundell LLP in British Columbia.

Goldbelt was represented by Fraser Milner Casgrain LLP, with a team that included John Sabine, Sander Grieve, Linda Misetich, Chantal Da Silva and Melissa Ghislanzoni (corporate/securities) and Lisa Goodfellow (employment). Goldbelt was also advised with respect to US matters by Gil Cornblum and Jodie Kaufman from Dorsey & Whitney LLP. Dundee Precious Metals was represented by Paul Stein, Mark Bennett and Jay King (securities/M&A) from Cassels Brock & Blackwell LLP.