The expanded land package will now include the majority of the mineral tenure between the only two mines within the belt – the Island gold mine and the past-producing Renabie gold mine (aggregate production of 1.1 million oz. of gold from 1947-1991).
The Goudreau property also adds six additional belt-scale deformation zones hosting several gold occurrences, including Cradle Lake-Emily Bay, Loch Lomond, Missinaibi, Baltimore, Easy Lake and Renabie deformation zones.
Alamos will buy all outstanding common shares of Manitou at C$0.05 per Manitou share. The total transaction value of approximately C$17.2 million. The consideration will be satisfied by the issuance of common shares of Alamos at a deemed price of C$14.18 per Alamos share, which is based on the 20-day volume weighted price of the Alamos shares on the TSX.
The arrangement is non-arm’s-length as Alamos currently owns approximately 19% of the issued and outstanding…
