Tectonic Metals gets funding for gold exploration in Alaska
The company's Flat gold project is located 40 km north of the giant Donlin gold project.
Shareholders of New York-based Capital Gold (TSX:CGC) have approved a merger with TSX-listed Gammon Gold, BIV Business Today is reporting. The approval takes Timmins Gold Corp. out of the picture as a potential buyer of Capital Gold:
“The board and management team appreciate the support we have received from our stockholders during this difficult proxy contest, and ultimately believe they recognized the compelling strategic and economic benefits of the merger with Gammon,” said Steve Cooper, Capital’s chairman.
The battle to take over Capital began in September when Timmins launched its bid. A month later, Gammon swooped in with a bid of its own.
Gammon’s latest bid for Capital, $6.34 a share, was up from the $4.57 per share agreed by Gammon and Capital when their original merger agreement was signed on Oct. 1. The bid values Capital around $387 million.
Capital Gold owns and operates the El Chanate open pit gold mine in Sonora, Mexico, which is projected to produce between 65,000 and 70,000 ounces in fiscal 2011. Gammon Gold has a 100% interest in the Ocampo gold-silver project, located in the Sierra Madre Occidental, Chihuahua, Mexico. The company’s other operation, the El Cubo Mine, is located in the village of El Cubo, about 10 kilometers east of the city of Guanajuato.
