© Reuters. Orford Mining stock surges on takeover by Alamos Gold
Proactive Investors – Orford Mining (TSX-V:ORM) Corp shares shot up 100% to $0.09 on Monday after the Quebec-focused gold and critical mineral explorer announced that it has agreed to be acquired by Alamos Gold Inc (:TSX:, NYSE:AGI) in an all-stock deal valued at approximately C$24 million, or about C$0.10 per Orford share.
Orford Mining shareholders will receive 0.005588 of an Alamos common share for each Orford Share held.
Alamos currently owns approximately 27.5% of Orford Mining’s issued and outstanding shares.
“Our acquisition of Orford is consistent with our strategy of building out a pipeline of high-quality, long-term projects, in good jurisdictions, to complement our near-term organic growth projects in Canada,” Orford Mining CEO John McCluskey said in a statement.
“Qiqavik fits that strategy perfectly as an attractive early-stage gold project,…
