Vancouver-based Great Panther has completed the acquisition of Beadell Resources, positioning the company in the ranks of the intermediate producers.
Combining Great Panther and Beadell's respective guidance adds up to about 200 000 oz of gold equivalent for 2019.
“This transaction immediately transforms Great Panther into an intermediate precious metals producer with a strong and diversified portfolio of producing mines, advanced stage growth projects, and exploration assets," president and CEO James Bannantine stated on Tuesday.
He added that the company’s focus in the near-term would be on the integration of the Brazilian operations, the continued optimisation of the Tucano gold mine, and advancing an exploration programme to unlock the exploration potential of Tucano.
Concurrent with the completion of the acquisition, Dr Nicole Adshead-Bell, former CEO and MD of Beadell, joins Great Panther's board of directors.
Great Panther acquired 100% of the issued and outstanding shares of Beadell through the issuance of 103 593 043 Great Panther shares to Beadell shareholders, representing about 38% of the post-acquisition issued and outstanding Great Panther shares.
The share exchange represents a ratio of 0.0619 Great Panther shares for each Beadell share.
Beadell's shares ceased trading on the ASX on February 18, and are expected to be delisted on March 6.