LionGold to buy Canadian gold company for up to $9.1 million
LionGold Corp has agreed to acquire Acadian Mining Corp, a Canadian gold company, for up to $9.1 million in an all-cash transaction.
The offer is to buy all the outstanding shares of Acadian - which is listed on the TSX Venture Exchange - for 12 Canadian cents each.
If there is full acceptance from outstanding shareholders and the conversion of outstanding convertible notes, the deal will be worth 7.4 million Canadian dollars, or S$9.1 million.
Acadian's two main projects hold a combined gold resource of 1.333 million ounces, with open pit development potential. LionGold had initially bought 9 per cent of Acadian through in March.