The $272 million market capped gold mining firm Brigus Gold Corp (USA)(NYSEMKT:BRD) issued a joint communiqué on 18th February with Primero Mining Corp to the effect that two third party investment and share holder advisory service firms have endorsed their jointly tabled plan to work together going forward. The mining firms were able to secure the buy in of two of the most reputed proxy advisory firms Institutional Glass Lewis & Co and Institutional Shareholder Services Inc. who have studied the proposed joint operations plans and have in turn recommended to the share holders of the two mining firms to vote in favour of the plan when it comes up to vote in front of them during the scheduled share holders meeting on 27th February.
ISS Take
Institutional Shareholder Services Inc went on to recommend to shareholders of Brigus Gold Corp (USA) (NYSEMKT:BRD) that, this accounting request will not affect the value of the company or the shares, and will better reflect the companys actual capitalization and shareholders equity. The vote of confidence by Institutional Shareholder Services Inc gathers significant importance since it is one of the premier independent institutions that work on identifying best practices in corporate governance and boasts of close to 1700 companies from across the globe as its clients.
Brigus Operations
Brigus Gold Corp (USA) (NYSEMKT:BRD) is Halifax, Canada based gold mining firm which operates two stand alone mines at its Black Fox property and Timmins property in Ontario. In the trailing 12 months, it has generated sales worth $144 million and has accumulated net income of $12.9 million. In the past quarter, the gold mining firm has managed to post significantly strong appreciation in its share holder value by posting close to 80 percent gains at the market. The latest moves by the firm to join forces with Primero Mining Corp in executing certain joint projects is expected to further add to the firms share holder value.
