On page 40 of the offer under the History of the offer section I quote the following which basically says "no private placement...no offer"..

Over the course of these meetings and discussions, the Kinross representatives expressed their view that the
very substantial premium range being sought by Aurelian would only be the basis for a transaction in the event
that the proposed transaction terms included a concurrent private placement that would provide Kinross with a
strategic investment in Aurelian regardless of the outcome of the proposed acquisition. Kinross subsequently
made a non-binding proposal to Aurelian that included such a private placement of 15 million Aurelian Shares,
and for an acquisition of Aurelian on the basis of consideration consisting of 0.317 of a Kinross Share plus
0.1429 of a Kinross Warrant for each Aurelian Share, which at the time represented a premium of approximately
92% based on the July 18, 2008, closing prices of the two companies on the TSX, or 57% based on the volumeweighted
average price of the common shares of the two companies on the TSX for the 20 trading days ended
July 18, 2008, respectively."

This tells me that they told ARU management...no private placement...no offer !!