- Aya Gold & Silver (TSX:AYA) has announced it has acquired Algold Resources
- Aya will now control 100 per cent of Algold
- Algold will remain 75 per cent owner-operator of the Tijirit Gold Project
- The Government of Mauritania will control 15 per cent of the project and Wafa Mining & Petroleum will control the remaining 10 per cent
- The cost of the transaction was valued at C$15.2 million paid by Aya
- This includes the issuance of over 2.8 million Aya shares and $2.6 million in cash
- Shares of Aya Gold & Silver are down. 0.47 per cent to $8.40 as of 12:57 p.m. EDT
Aya Gold & Silver (AYA) has announced it has now closed its acquisition of Algold Resources.
Following the closing of the acquisition, Aya will control 100 per cent of Algold. Algold will remain the 75 per cent owner-operator of the Tijirit Gold Project in Mauritania.
The Government of Mauritania will control 15 per cent of the project while the remaining 10 per cent will be controlled by Wafa Mining & Petroleum.
“With the acquisition of Algold now complete, we can focus on our Tijirit exploration and development efforts to immediately deliver value for shareholders," Benoit La Salle, president and CEO of Aya Gold & Silver, said in a press release.
The company said the project has "terrific potential" and has the ability to create stakeholder value for the people of Mauritania.
In total, Aya Gold & Silver will have paid C$15.2 million as part of the transaction, which included 2.82 million Aya shares and a payment of $2.6 million in cash.
Now that the transaction has been completed, Algold's shares have been delisted from the TSX Venture Exchange.
Shares of Aya Gold & Silver are down. 0.47 per cent to $8.40 as of 12:57 p.m. EDT.