VANCOUVER — Teranga Gold (TSX: TGZ; ASX: TGZ) has been aiming to expand its production profile in West Africa, and it found an opportunity in Australia-based Gryphon Minerals (ASX: GRY) and the fully permitted Banfora gold project in southwestern Burkina Faso.
On June 19, the companies announced a friendly, all share agreement worth roughly US$63 million. Under terms of the deal, Gryphon investors would receive 0.169 of a share in Teranga on either the Australian or Toronto Stock Exchanges. The offer represents a 45% premium over Gryphon’s 20-day volume weighted average share price at the time of signing.
Teranga expects to issue roughly 68 million shares for the acquisition, which is scheduled to close in early October.
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