Canada’s Torex Gold Resources (TSX: TXG) is making another bold move in Mexico, announcing a C$449 million ($327M) all-share deal to acquire Prime Mining (TSX: PRYM), owner of the Los Reyes gold-silver project.
Under the agreement, Prime shareholders will receive 0.060 Torex shares for each Prime share, translating to roughly 10.5 million new Torex shares, or 10.7% of the company.
Torex said the acquisition enhances its medium and long-term growth potential, by adding a high-quality advanced exploration/development-stage asset in Mexico.
The move follows Torex’s acquisition in June of junior Reyna Silver, which granted the Toronto-based miner access to early-stage exploration projects in northern Mexico and Nevada, US.
The Los Reyes project, located in Sinaloa, is a key addition to Torex’s development pipeline. It hosts a combined open-pit and underground mineral resource of 1.5 million…
