Two Independent Proxy Firms Recommend B2Gold Acquisition Of Central Sun Mining

The takeover of Central Sun Mining Inc. by B2Gold Corp. has been recommended by two leading proxy-advisory firms. Both RiskMetrics-ISS Canada and Glass Lewis have okayed the arrangement to their subscribers, and have advised Central Sun shareholders to vote for it. Under the term of the deal, one share of Central Sun can be exchanged for 1.20 shares of B2Gold. "The special meeting of the shareholders of Central Sun with respect to the arrangement is scheduled for Friday March 20, 2009 at 10:00 a.m. at the head office of Central Sun at 6 Adelaide Street East, Suite 500, Toronto, Ontario M5C 1H6."

The rest of the news release detailing this recommendation notes that B2Gold has extended a new $8 million loan to Central Sun, replacing the old one of same principal value. This loan carries a 15% annualized rate, and is due on Mar. 31 (extendible to June 30th.) Central Sun paid $200,000 and 1 million common shares for the privilege.

As of the time of this posting, the market isn't open yet. B2Gold is 60 cents bid, 69 cents asked with yesterday's closing price being 65 cents; Central Sun is 69 cents bid, 70 cents asked, with yesterday's closing price of 69 cents.

The B2Gold Corp. Google Finance page is here. The Central Sun Mining Inc. one is here.

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