Ramp Metals stock surges on Sprott backing for Saskatchewan project
Ramp compares its project with the eye structure of the Nova-Bollinger nickel-copper mine in Western Australia.
Detour Gold (TSE:DGC), a gold and exploration company located in northeastern Ontario, announced that it will acquire Trade Wind Ventures, which owns a property adjacent to the Detour Lake project, for $84 million.
Announcing the deal on Monday, Detour Gold said Trade Winds shareholders will receive 0.0142 of a Detour Gold share and C$0.0001 in cash for each Trade Winds share held.
“Based on Detour Gold’s share price on September 23, 2011, this represents total consideration of C$0.455 per Trade Winds share and a premium of 57% to Trade Winds’ closing price on September 23, 2011. Based on the respective 20-day volume weighted average prices of Detour Gold and Trade Winds, as at September 23, 2011, the consideration represents a premium of 61%,” said Detour Gold in a statement.
The principal assets of Trade Winds are its interest in the 50/50 joint venture with Detour Gold in respect of the Block A property, located adjacent to Detour Gold’s Detour Lake project, and its wholly-owned Gowest property, which is also located in the Detour Lake area.
Gerald Panneton, President and CEO of Detour Gold, stated: “With Detour Gold having recently secured the remaining capital required for the development of the Detour Lake mine, we believe that this is the right time for us to consolidate our holdings in the Detour Lake camp. By acquiring Trade Winds, we are able to more effectively continue our exploration activities on the west side of the Detour Lake Project.”
