Eight and counting for Placer

With an Oct. 2 deadline looming Placer Dome (PDG-T) has for the eighth time extended its offer for Aussie gold miner AurionGold.

Now slated to close on Oct. 11, Placer’s offer stands at 17.5 of its own shares plus 28 in cash for every 100 AurionGold shares.

Placer’s CEO, Jay Taylor, told Reuters that the offer has been receiving 1.5-2% of the AurionGold’s shares per week. At last count, Placer had 45% of AurionGold’s outstanding shares. Taylor says that once Placer gets a 50% share it will take control of management.

The bid was originally launched in late May. AurionGold’s board has rejected the offer every step of the way.

Placer’s shares were trading 6 higher at $14.33 on the Toronto Stock Exchange in mid-afternoon trade on Wednesday. AurionGold’s shares finished a dime lighter at A$3.13 in Australia.