New York Stock Exchange (NYSE)-listed gold producer Contango ORE has expanded its footprint with the acquisition of HighGold Mining and Avidian Gold Alaska.
Contango sealed a definitive agreement to acquire all issued and outstanding shares of HighGold Mining.
This acquisition will be executed through a court-approved plan of arrangement under the Business Corporations Act (British Columbia).
The exchange ratio, based on volume-weighted average prices (VWAPs), implies a total HighGold equity value of around $37m (C$27.08m).
Under the agreement, each HighGold share will be exchanged for 0.019 shares of Contango common stock.
This exchange ratio implies a total consideration of C$0.55 per HighGold share, marking a 59% premium based on the 20-day VWAP of both companies.
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By GlobalData
Read More:Contango strengthens gold portfolio with two acquisitions
2024-05-03 09:00:21
