October 15, 2012 / 11:36 AM / 5 years ago

Argonaut Gold to buy Prodigy for C$341 mln

Oct 15 (Reuters) - Argonaut Gold Inc said it will buy Prodigy Gold Inc for about C$341 million ($348 million) in cash and shares.

The offer represents C$1.08 per share, based on Argonaut’s 20-day volume-weighted average share price, and is at a premium of 54 percent based on both companies’ 20-day volume-weighted average price as of Friday, Argonaut said.

Prodigy shareholders will receive 0.1042 of an Argonaut Gold share and C$0.00001 in cash per share, the companies said.

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