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B2Gold completes merger with CGA Mining

1st February 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – Namibia- and Toronto-listed B2Gold on Thursday completed the $1.1-billion merger with CGA Mining.

Last September, B2Gold agreed to the deal to acquire CGA Mining and said it expected the merger to increase gold production to about 385 000 oz in 2013, and 400 000 oz in 2014.

As of Thursday, and including the 251.97-million shares issued as payment under the merger for the former share and option holders of CGA, B2Gold had 645.38-million shares issued and outstanding. The company said confirmations of holdings would shortly be sent to the former holders of CGA shares and options receiving the merger consideration in the form of shares.

CGA shares ceased trading and were delisted from the Toronto Stock Exchange on January 18, while trading on the Australian Stock Exchange (ASX) was suspended on January 16, and the shares were expected to be delisted from the ASX on February 4.

Former CGA director and CEO Michael Carrick were appointed to the B2Gold board of directors.

Vancouver-based B2Gold has three operating mines, two in Nicaragua and one in the Philippines, and a portfolio of development and exploration assets in Nicaragua, Colombia, Namibia and Uruguay.

With the first full year of gold production from the Otjikoto project, in Namibia, scheduled for 2015, and increased production from the La Libertad mine, in Nicaragua, the company is expecting 2015 gold production of 550 000 oz.

B2Gold’s shares closed at C$3.84 apiece on the TSX on Friday.

Edited by Creamer Media Reporter

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