Australian gold producer Evolution Mining to buy Battle North Gold for C$343 million
(Kitco News) - Battle North Gold (TSX: BNAU) and Evolution Mining (ASX: EVN) announced today that they have entered into a definitive arrangement agreement pursuant to which Evolution has agreed to acquire all of the issued and outstanding shares of Battle North at a price of C$2.65 per common share in cash, for total consideration for all issued and outstanding shares pursuant to the transaction of approximately C$343 million.
According to the statement, the consideration represents a 46% premium over the closing price of the Battle North common shares on the Toronto Stock Exchange on March 12, 2021 and a 54% premium based on the volume-weighted average price of the Battle North common shares over the last 20 trading days.
Battle North is developing the Bateman gold project to become the next gold producer in the renowned Red Lake Gold District in Ontario, Canada and controls the second largest exploration ground in the district. Battle North also owns a large gold exploration land package on the Long Canyon gold trend near the Nevada-Utah border in the United States.
Evolution Mining is a leading, growth-focused Australian gold miner. Evolution operates five wholly-owned mines – Cowal in New South Wales, Mt Carlton and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada.