Wesdome Gold Mines (TSX: WDO; OTCQX: WDOFF) is acquiring junior explorer Angus Gold (TSX-V: GUS; OTC: ANGVF) in a cash-and-share deal valued at approximately C$40 million ($28 million), expanding its footprint in Ontario’s Mishibishu Lake greenstone belt.
The transaction will quadruple Wesdome’s land position at its Eagle River operation, creating a 400 km² contiguous land package. Wesdome already owns 6.3 million Angus shares, about 10.4% stake in the target company.
Under the terms of the agreement, Angus shareholders will receive C$0.62 in cash and 0.0096 of a Wesdome share for each Angus share, for a total value of C$0.77 per share. The offer represents a 59% premium to Angus’ 20-day volume-weighted average price.
Wesdome chief executive Anthea Bath called the acquisition a “highly logical and strategic tuck-in,” emphasizing that it strengthens the company’s exploration potential…
