TSX-listed Calibre Mining has acquired all of the issued and outstanding common shares of fellow-listed Marathon Gold, pursuant to a court-approved plan of arrangement.
As a result of the arrangement, Calibre acquired a 100% interest in Marathon’s advanced-stage Valentine gold project in Newfoundland and Labrador.
Pursuant to the arrangement, former Marathon shareholders received 0.6164 of a Calibre common share in exchange for each Marathon share held.
As a result of the arrangement, Calibre issued an aggregate 249.8-million Calibre shares.
Upon closing of the arrangement, existing Calibre and former Marathon shareholders own about 65% and 35% of the issued and outstanding Calibre shares, respectively.
Marathon will now delist from the TSX.
Calibre also announced the appointment of Matthew Manson, the former president, CEO and director of Marathon, to the board of directors of Calibre, effective January 25.