Total
0
Shares
Evolution Mining (ASX:EVN) - Executive Chairman, Jake Klein
Executive Chairman, Jake Klein
Source: Macquarie Group
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Evolution Mining (EVN) has agreed to snap up Canadian-based mining stock Battle North Gold for C$343 million (roughly A$354 million)
  • At that price, EVN will pay C$2.65 (around A$2.74) for each Battle North share on issue — a 46 per cent premium to the its last closing price
  • The takeover is subject to shareholder approval, with 66.5 per cent of Battle North shareholders needing to sign off on the deal for it to go ahead
  • EVN is interested in buying Battle North’s Bateman Gold Project, which is located near its own assets in the Red Lake Gold District of Ontario
  • Shares in Evolution Mining are trading at $4.01 per share, up 1.52 per cent

Evolution Mining (EVN) has agreed to snap up Canadian-based mining stock Battle North Gold for C$343 million (roughly A$354 million).

The ASX listed and TSX listed businesses have entered into a definitive agreement, which will see Evolution buy all of Battle North’s shares on issue.

EVN has agreed to pay C$2.65 (around A$2.74) for each Battle North share on issue, representing a 46 per cent premium to the the company’s last closing price.

Evolution is interested in buying Battle North primarily for its Bateman Gold Project, which is located near Evolution’s own assets in the Red Lake Gold District of Ontario, Canada.

“Both Evolution and Battle North started the negotiation with a clear alignment that a consolidation of the properties would create value that would not be available if they were developed and operated separately,” Evolution Executive Chairman Jake Klein said.

“This acquisition provides Evolution with an opportunity to expand our footprint in the region and create value by leveraging the infrastructure of the two operations,” he added.

“The additional processing capacity from the new Bateman mill will also accelerate our ability to achieve our objective of producing in excess of 300,000 ounces of gold per annum from Red Lake,” Jake said.

The takeover by Evolution is still subject to shareholder approval, with 66.5 per cent of Battle North shareholders needing to sign off on the deal for it to go ahead.

A Battle North shareholders are expected to meet in May, with the wider deal likely to be completed by the end of the second quarter.

Shares in Evolution Mining are trading at $4.01 per share, up 1.52 per cent, at 10:36 am AEDT.

EVN by the numbers
More From The Market Herald
Reach Resources (ASX:RR1) - Non Executive Director, Matthew O'Kane

" Reach Resources (ASX:RR1) set to acquire Critical Elements

Reach Resources (RR1) has entered a conditional Binding Heads of Agreement (HoA) to acquire all the shares in exploration company Critical Elements.
American Pacific Borates (ASX:ABR) - CEO, Henri Tausch (right)

" American Pacific Borates (ASX:ABR) further progresses US listing

American Pacific Borates (ABR) has further progressed its listing on Nasdaq exchange, expected in early 2022.

" Frontier Resources (ASX:FNT) reports encouraging rock chip results

Frontier Resources (FNT) is reporting a number of encouraging results from a recent rock chip sampling program at its Gascoyne Project in Western

" Artemis Resources (ASX:ARV) reports “impressive” gold and copper findings

Perth-based explorer, Artemis Resources (ARV), has announced reportedly high-grade gold and copper shoots at its Carlow copper-gold prospect in WA’s Pilbara region.