Manitou Gold Announces Friendly Acquisition By Alamos Gold At A 100% Premium To Market
02/28/23, 1:04 PM
Industry
precious metals
mining
mineral
precious metals
mining
mineral
MANITOU GOLD INC. (TSX-V: MTU) ("Manitou") is pleased to announce that it has entered into a definitive arrangement agreement (the "Agreement") dated February 28, 2023 pursuant to which Alamos Gold Inc. (TSX: AGI, NYSE: AGI) (“Alamos”) will acquire all of the outstanding common shares of Manitou ("Manitou Shares") not already owned by Alamos, by plan of arrangement for deemed consideration of C$0.05 per Manitou Share (the "Arrangement"), representing a total transaction value of approximately C$17.2 million (including shares already owned by Alamos).
Company Info
Company info
Manitou Gold Inc. is a Canadian exploration company that has consolidated over 360 km2 of prospective gold properties on the Michipicoten Archean Greenstone Belt, between the Island Gold Mine (operated by Alamos Gold Inc.) to the west and, to the east, the former producing Renabie Gold Mine, (owned by Barrick Gold). The lands assembled consist of 37 kilometres of strike length with at least seven under-explored large-scale deformation zones showing favorable lithology supported by more than 50 government-documented and registered gold occurrences. Manitou Gold also owns a 148 km2 land package of highly prospective gold properties located in the historical Gold Rock District, in Northwestern Ontario (Dryden). All scientific and technical information contained in this press release has been prepared under the supervision of Richard Murphy, the President and Chief Executive Officer of Manitou and a "qualified person" within the meaning of National Instrument 43-101.