Friday, August 8, 2025

QMX Gold To Be Acquired By Eldorado Gold In $132 Million Transaction

Consolidation within the mining sector continues this morning, with the announcement that Eldorado Gold (TSX: ELD) will be acquiring that of QMX Gold Corp (TSXV: QMX) in a friendly transaction. The total transaction is valued at $132 million, and is to take place in the form of both cash and shares.

Under the terms of the transaction, QMX shareholders are to receive $0.075 in cash and 0.01523 of an Eldorado common share for each share of QMX held, resulting in total consideration of $0.30 per share, a 39.5% premium to yesterdays closing price of QMX on the venture. Eldorado previously owned a 17% stake in the company, which it acquired in December 2019 at $0.06 per share.

Eldorado has justified the transaction by indicating it will increase the firms footprint in the Abitibi region by 550%, while adding a pipeline of organic growth opportunities. The benefit to QMX shareholders meanwhile is the premium being placed on the company.

The transaction is subject to the approval of QMX shareholders, with a meeting slated to occur in March 2021, where the company will be required to achieve at least 66 2/3% approval from stakeholders. Eldorado sharehodlers are not required to approve of the transaction.

The proposed transaction is anticipated to close in late March or early April 2021.

QMX Gold Corp last traded at $0.215 on the TSX Venture.


Information for this briefing was found via Sedar and the companies mentioned above. The author has no securities or affiliations related to these organizations. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Gold/Silver: People Can Still Lose Money In This Bull Market!? | Rick Rule

He Said $300 Silver!? | Peter Krauth

Dollar Will Collapse, Gold and Silver Are the Only Safe Havens | Jim Rogers

Recommended

Nova Scotia Bans Forest Access to Prevent Wildfires

Cardiol Therapeutics Releases Positive Topline Results From Phase II Clinical Trial

Related News

Exploits Discovery: Newfoundland’s Largest Landholder

When gold investors seek opportunities, they very rarely think of Newfoundland as a gold exploration...

Sunday, November 22, 2020, 09:00:00 AM

Mako Mining Completes Half Bench, Production To Begin This Month

Mako Mining (TSXV: MKO) is nearing commercial production at its San Albino gold project in...

Thursday, January 21, 2021, 07:21:13 AM

New Found Gold Sees Eric Sprott Take Down Entire $15.0 Million Flow Through Financing

New Found Gold (TSXV: NFG) is looking to raise further funds. The company this morning...

Thursday, March 18, 2021, 08:31:42 AM

Orla Mining Closes $43.2 Million Financing

Orla Mining Ltd. (TSX: OLA) announced today that it has recently closed its previously announced...

Wednesday, July 14, 2021, 10:02:00 AM

Kingman Minerals Reports Second Sampling Results For Rosebud Gold Mine

Kingman Minerals (TSXV: KGS) this morning announced the second sampling results from its Rosebud Mine,...

Tuesday, May 19, 2020, 09:19:34 AM