Mining and Energy

CGA Mining shareholders endorse B2Gold merger

Mon Dec 24, 2012 10:00am PST

Perth, Australia-based CGA Mining Ltd. (TSX:CGA) voted 98% in favour of a merger with Vancouver’s B2Gold Corp. (TSX:BTO) (OTCQX:BGLPF)(NSX:B2G), the company announced December 24.

This follows B2Gold’s December 20 announcement that 83% of its shareholders voted 99.94% in favour of the merger.

The merged entity will operate CGA’s existing Masbate gold mine in the Philippines and B2Gold’s existing Limon and La Libertad gold mines in Nicaragua.

At the time of the B2Gold shareholder vote, B2Gold president and chief executive officer Clive Johnson said, “We believe CGA and its flagship Masbate mine offers B2Gold shareholders immediate leverage to a significantly larger combined production profile.

“With this transaction, B2Gold becomes a new intermediate gold producer, achieving geographic and operational diversity while contributing significant cash and future cash flow towards B2Gold’s exciting development projects.”

CGA Mining will now seek orders from the Supreme Court of Western Australia for approval at a hearing scheduled January 16, 2013.

As of press time Monday December 24, CGA shares were trading at $2.47, an increase of 2.49% from Friday, and B2Gold shares are at $3.39, a 1.80% increase from Friday.


Tags: Nicaragua, the Philippines, B2Gold Corp., shareholder, mining

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