Australia's Evolution completes acquisition of Battle North Gold
(Kitco News) - On Wednesday, Battle North Gold (TSX: BNAU) (OTCQX: BNAUF) announced the completion of the previously announced plan of arrangement, pursuant to which Evolution Mining (ASX: EVN) has acquired all of the issued and outstanding common shares of Battle North at a price of C$2.65 in cash per share.
As a result of the Arrangement, Battle North has become an indirect wholly-owned subsidiary of Evolution, and the shares are anticipated to be de-listed from the Toronto Stock Exchange on or about May 20, 2021. The company said it will also submit an application to cease to be a reporting issuer under applicable Canadian securities laws and to otherwise terminate the company's public reporting requirements.
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 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. In addition, Evolution holds an economic interest in the Ernest Henry copper gold mine in Queensland.