Wesdome closes Wandarra acquisition
TORONTO (miningweekly.com) – TSX-listed Wesdome Gold Mines has completed the C$1.55-million all-scrip acquisition of junior Windarra Minerals, giving Wesdome ownership of more than 24 km of the Mishibishu deformation zone, more than 18 km of the Eagle river deformation zone and the Eagle River mill complex, in Ontario.
The company planned for a potential bigger operation at its Mishi mine, near Wawa, with “outstanding” exploration and expansion potential.
Under the terms of the amalgamation, each former shareholder of Windarra received one-tenth of a Wesdome common share for each Windarra common share held. Windarra shareholders now own about 3.8% of Wesdome’s outstanding shares on a nondiluted basis, based on their current shareholdings in Windarra.
Wesdome, which had been pouring gold for 26 years, currently has two producing gold mines in Wawa, Ontario and owns the Kiena Complex in Val d’Or, Québec.
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