Last Updated :
08 January 2009 at 20:20 IST
Linear Gold to acquire Central Sun Mining
Commodity Online
NEW DELHI: Linear Gold has announced that it has agreed an approximately $19 million all-stock deal to take over Central Sun Mining.
Under the terms of the merger agreement, the exploration company, which has properties in Mexico and the Dominican Republic through joint ventures with Kinross Gold and Everton Resources, will acquire all outstanding common shares of Central Sun Mining.
Central Sun is a growing gold producer with mining and exploration activities in Nicaragua, including the Limon and Orosi mines, and an option to acquire a 100 per cent interest in the Mestiza gold property.
Linear Gold said this transaction is an attractive opportunity to acquire a portfolio of gold assets.
Executives from the two companies have stated that the new firm will have the potential to increase annual gold production from 45,000 ounces of gold to an estimated 130,000 ounces a year by the end of 2009.
Shareholders in Central Sun will receive 0.4 common shares in Linear Gold for each common share they own in Central Sun.
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