Semafo expands in Burkina Faso with Savary deal
TSX-listed Semafo said on Monday that it had entered into a definitive combination agreement pursuant to which it would acquire all the issues and outstanding common shares of TSX-V-listed Savary.
The Canadian companies previously said that they contemplated a transaction, in terms of which Savary shareholders will receive 0.0336 of a Semafo share for every share held. The exchange ratio implies a consideration of C$0.10 for every Savary share.
Savary shareholders will vote on the amalgamation at a special meeting with closing expected by the end of April.
The combination of the companies will consolidate Semafo and Savary’s projects in the Hounde Greenstone belt, in Burkina Faso.
Savary’s Karankasso hosts inferred resources of 12.3-milion tonnes at 2.03 g/t gold for 805 000 oz and Semafo’s Bantou has an inferred resource of 2.1-million tonnes grading 5.35 g/t for 361 000 oz.
Ore from the entire consolidated land package could be trucked to a central plant, with a current tentative plant location in the north-west of Semafo’s property.
The 2019 consolidated exploration will focus on accelerated resource growth on a consolidated basis, to be announced post-closing.
“Our acquisition of the Karankasso property reflects our core strategy of creating long-term value through developing and operating high-quality assets,” commented Semafo president and CEO Benoit Desormeaux in a statement on Monday.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation