TORONTO (miningweekly.com) – Canadian gold developer Osisko Mining has acquired about 77,28% of junior Brett Resources' issued and outstanding shares, fulfilling the two-thirds-approval requirement for its friendly takeover offer.
Osisko has taken up the 88,3-million shares and payment will be made on or before May 25, the company said.
Brett shareholders who tendered to the offer will receive 0,34 of an Osisko common share plus C$ 0,0001 for each common share of Brett tendered.
This means Osisko will issue about 30,02-million shares related to the offer.
Osisko is developing the big Canadian Malartic openpit gold mine in Quebec, and Brett's main asset is an earlier-stage project in Ontario.
The Canadian Malartic mine is on schedule and on budget, CEO Sean Roosen said in a statement.
Construction will be completed early next year, with commercial production expected in the second quarter.
Osisko intends to complete the acquisition of the remaining Brett shares within the next 120 days, and will then de-list the company's shares from the TSX Venture Exchange.