Photo by: Reuters
PERTH (miningweekly.com) – Gold miner St Barbara has completed the acquisition of TSX-V listed Atlantic Gold, acquiring the outstanding common shares in the Canadian miner for A$780-million.
The two companies in May this year struck a takeover deal under which St Barbara acquired all the outstanding shares in Atlantic for C$2.90 a share.
The acquisition of Atlantic gives St Barbara ownership of the Moose River project, in Nova Scotia, where commercial production was declared in March last year and where production reached 91 000 oz in 2018.
“Atlantic Gold ticks all the boxes for St Barbara. I am confident Atlantic Gold will deliver long-term value for St Barbara shareholders because it diversifies St Barbara’s production base with a low-cost, high-margin, long-life mine and a quality growth pipeline in a very favourable and prospective region,” said St Barbara CEO and MD Bob Vassie on Monday.
St Barbara started the integration process in May, and will continue to work closely with the ongoing operating team to integrate Atlantic Gold into St Barbara.
With the takeover offer now complete, Atlantic Gold will be de-listed from the TSX-V at the close of trading on July 23.