JOHANNESBURG (miningweekly.com) – The merger between Aim- and TSX-listed Moto Goldmines and Africa-focused Randgold Resources, became effective on Friday.

Gold companies AngloGold Ashanti and Randgold Resources earlier this year teamed up in a $488-million deal to acquire Moto, and now had joint control of the company.

AngloGold Ashanti said in a statement on Friday that it had fully funded the payment to former Moto shareholders, under the cash election of about $76,9-million, and had paid about $171-million to Randgold.

The remaining liabilities of Moto would be settled in due course through the Moto joint venture with Randgold.

Under the transaction, Moto shareholders received 0,07061 of an ordinary Randgold share for every Moto share. In addition, Moto shareholders would be given the option to elect to receive $4,47 in cash for every Moto share to a total of $244-million, which AngloGold Ashanti would fund.

Moto is developing a gold resource in the Democratic Republic of Congo.

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