Canada's Centerra Gold (TSX:CG) took a fresh step towards strengthening its position in the home market by signing a deal to acquire smaller rival AuRico Metals (TSX:AMI) in a friendly deal valued at Cdn$310 million ($243 million).
Under the agreement, Centerra will pay $1.80 per share for AuRico metals, which is developing the Kemess gold and copper project in British Columbia, Canada.
Shares in AuRico closed at $1.30 on the Toronto Stock Exchange on Monday, so Centerra’s offer represents a 38.5% premium to the Toronto-based miner’s price as of Monday.
The planned acquisition deal requires approval by two-thirds of the votes cast at a special meeting of AuRico Metals shareholders, as well as court and regulatory approvals.
Centerra has been shopping for assets in safer jurisdictions as of late. Last year, it bought out US-based Thompson Creek Metals (TSX:TCM), which gave it access to the Mount Milligan copper-gold mine in B.C.
More to come…
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