Abitibi Metals boosts resource by 62% at B26 polymetallic deposit in Quebec
Indicated resources increased to 11.3 million tonnes from 6.9 Mt.
Southern Empire Resources (TSXV: SMP) announced Monday that it has agreed to acquire all of the issued and outstanding common shares of MAS Gold (TSXV: MAS).
The terms of the deal are that each shareholder of MAS Gold will receive one common share of Southern Empire for every 8.5 common shares of MAS Gold. On completion, Southern Empire will issue a total of 5,828,090 Southern Empire shares to the shareholders of MAS Gold.
Based on a price of $1.19 per Southern Empire share, the 8.5-to-one conversion ratio represents an offer price of $0.145 per MAS share, being a premium of 21% of MAS Gold’s closing price on July 10.
MAS Gold has two advanced-stage gold deposits in the La Ronge Gold Belt of Saskatchewan
MAS Gold has two advanced-stage gold deposits in the La Ronge Gold Belt of Saskatchewan, Canada: the North Lake gold deposit containing 417,000 oz gold and the Greywacke North gold deposit containing 95,600 oz.
Significant potential for resource expansion exists at both Greywacke North and North Lake, the companies said in a joint statement.
“With this transaction, Southern Empire will emerge as a company having NI 43-101 gold resources in Saskatchewan, which we will target to expand and enhance,” said Southern Empire CEO Dale Wallster.
“Together with our Oro Cruz and Eastgate gold projects in the southwestern USA, we will be a multi-asset, advanced-stage gold exploration and development company with holdings in some of the best mining jurisdictions in the world.”
