AngloGold to further consolidate Nevada district with C$152m Augusta Gold buyout
Gold producer AngloGold Ashanti and certain of its affiliates have entered into a definitive agreement with gold exploration and development company Augusta Gold to acquire all issued and outstanding shares of common stock of Augusta Gold for C$1.70 a share.
This transaction, which values Augusta at about C$152-million, allows AngloGold Ashanti to further consolidate its footprint in the Beatty District of Nevada, in the US, by acquiring the permitted, feasibility-stage Reward project, the Bullfrog deposit and all tenements surrounding each of these properties.
The acquired properties are adjacent to AngloGold’s claims in the Beatty District and will provide additional mineral resources to AngloGold's inventory, the company says.
“This acquisition reinforces the value we see in one of North America’s most prolific gold districts,” said AngloGold CEO Alberto Calderon.
“We believe that securing these properties will not only solidify our leading position in the most important new gold district in the US but will also improve our ability to develop the region under an integrated plan, with more flexibility, greater access, better infrastructure sharing and cohesive engagement with all stakeholders.”
As part of the transaction, AngloGold will provide funds for the repayment of certain stockholder loans amounting to about $32.6-million.
The transaction is expected to close in the fourth quarter of this year, subject to conditions, including the approval of the holders of a majority of outstanding shares of Augusta common stock, as well as the approval by a majority of the votes cast by holders of outstanding shares of Augusta common stock excluding certain related parties, at a stockholder meeting expected to be held in the fourth quarter.
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