B2Gold to merge with CGA Mining

Vancouver’s B2Gold Corp. (TSX:BTO) (OTCQX:BGLPF)(NSX:B2G), one of Business in Vancouver’s top three fastest-growing companies this year, announced December 20 that its shareholders voted to approve ...

Vancouver’s B2Gold Corp. (TSX:BTO) (OTCQX:BGLPF)(NSX:B2G), one of Business in Vancouver’s top three fastest-growing companies this year, announced December 20 that its shareholders voted to approve the company’s merger with CGA Mining Ltd. (TSX:CGA), based in Perth, Australia.

With 83% of shareholders voting, the results were 99.94% in favour of the merger.

The merged entity will operate CGA’s Masbate gold mine in the Philippines and B2Gold’s Limon and La Libertad gold mines in Nicaragua, which enjoyed record second-quarter gold production, it was announced in October.

“We believe CGA and its flagship Masbate mine offer B2Gold shareholders immediate leverage to a significantly larger combined production profile,” said Clive Johnson, president and chief executive officer of B2Gold.

“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 shareholders will meet on December 24 to vote on the proposal, and the transaction is expected to be fully implemented by January 31, 2013.

As of press time, CGA shares are trading at $2.59, an increase of 3.187% from yesterday, and B2Gold shares are at $3.54, a 2.312% increase.

ecrawford@biv.com

@EmmaCrawfordBIV

comments powered by Disqus

More from Mining & Energy

BC Hydro records ‘pretend profit’: NDP

NDP says BC Hydro deferral account for 2015-2016 is $1 billion higher than it should be

Read Article

Liquefied natural gas bridge to Hawaii collapses

Nixed long-term FortisBC LNG deal underscores growing competitiveness of renewables

Read Article

David Black’s low-carbon refinery needs federal loan guarantee

If it's ever built, a $22 billion oil refinery in Kitimat would be Canada's largest

Read Article

Goldcorp moves into Yukon with Kaminak Gold acquisition

Kaminak Gold acquired in $520 million all share deal

Read Article

BIV on Global BC July 20, 2016: LNG exports setback, B.C. consumer ...

Read Article

Subscribe to our mailing lists

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
×