The planned acquisition of Corvus Gold Inc. (TSX: KOR) by AngloGold Ashanti (NYSE: AU) is taking a step closer to fruition. Shareholders and optionholders of Corvus Gold voted on Thursday in favor of the proposed arrangement.
With 64.48% of shareholders and 99.53% of optionholders on record voting as a class, 99.52% voted in favor of the acquisition. The company will be seeking a final court order and expects the transaction to close on January 18, 2022.
Following the closing of the transaction, Corvus Gold’s shares are expected to be delisted from both the Toronto Stock Exchange and Nasdaq Capital Market.
In September 2021, the two companies signed a definitive agreement for AngloGold Ashanti to acquire the remaining 80.5% equity in Corvus Gold for a full 100% ownership. The acquisition price was reported to be $4.10 per share, totaling US$370 million for an all-cash deal. This puts Corvus Gold’s valuation at approximately $570 million (US$450 million).
The combination of the two mining firms consolidates their assets in the Beatty gold district in Nevada.
Corvus Gold last traded at $4.09 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
