Resolute takes control of Toro
KALGOORLIE (miningweekly.com) – Gold miner Resolute Mining has taken a 94% stake in takeover target Toro Gold, days after launching a $305-million bid for the privately held company.
Under the terms of an implementation agreement, Resolute will acquire all of the shares of Toro Gold in exchange for $130-million in cash and 142.5-million Resolute shares, valued at A$1.45 each.
Resolute on Monday said that the 94% stake on Toro, along with the appointment of Resolute nominees to the Toro board, to replace existing directors, gave Resolute immediate control of the takeover target.
Toro owns the producing Mako gold project, in Senegal, as well as a stake in an exploration joint venture with ASX-listed Predictive Discovery, in Côte d’Ivoire.
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