JOHANNESBURG (miningweekly.com) – Shareholders in Aim- and TSX-listed gold development company Moto Goldmines (Moto) have approved the merger with Africa-focused Randgold Resources.

Gold companies AngloGold Ashanti and Randgold Resources earlier this year teamed up in a $488-million deal to acquire Moto, which is developing a gold resource in the Democratic Republic of Congo.

Canadian gold producer Red Back Mining had also made an offer to acquire Moto, but the Randgold/AngloGold Ashanti offer was deemed superior by Moto’s management.

Randgold had offered Moto shareholders either 0,07061 of a Randgold share or $4,47 for each Moto share.

Moto shareholders had been given a choice of either receiving Randgold shares, American depositary shares or cash, but the cash portion of the transaction had been capped at $244-million.

Holders of nearly 17,2-million Moto shares had opted to receive cash for their shares, equating to $76,9-million that Randgold would have to pay the shareholders.

Moto would apply to the Supreme Court of British Columbia, in Canada, to approve the merger, which should be completed by the middle of this month.

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