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Alamos Gold Inc Announces Acquisition Of Orsa Ventures Corp


Tuesday, 23 Jul 2013 09:00am EDT 

Alamos Gold Inc (Alamos) and Orsa Ventures Corp (Orsa) announced that they have entered into a definitive agreement pursuant to which Alamos has agreed to acquire all of the issued and outstanding common shares of Orsa by way of a court-approved plan of arrangement. Orsa is a junior exploration company focused on advancing its precious metal properties located in the Western United States. Upon closing, Alamos will assume ownership of Orsa's right to earn a 100% interest in the Quartz Mountain Property in Oregon as well as other assets in Oregon and Nevada. The Quartz Mountain Property is located on the northern extension of the prolific Basin and Range Province of Nevada and hosts an inferred resource of 2.85 million ounces of gold, grading 0.80 g/t.(1) Pursuant to the terms of the Agreement, Orsa shareholders will receive CAD0.10 in cash for each common share of Orsa held. The transaction values Orsa's equity at approximately CAD3.5 million on a fully diluted in-the-money basis. The terms and conditions of the Agreement will be disclosed in more detail in the Orsa management information circular which is expected to be filed and mailed to Orsa shareholders in the third quarter of 2013. Completion of the transaction is subject to customary conditions, including court approvals, a favourable vote of at least 66 2/3% of the holders of Orsa common shares voted at a special meeting of shareholders, and the receipt of all necessary regulatory and stock exchange approvals. 

Company Quote

9.92
-0.37 -3.60%
21 Aug 2014