Denver's Newmont Mining Corp. has completed its $1.5 billion acquisition of North Vancouver's Miramar Mining Corp. (TSX:MAE).
Newmont had acquired Miramar to develop the Hope Bay Project in Nunavut, one of North America's largest undeveloped gold projects.
The deal, which has the unanimous approval of Miramar's board, will give Miramar shareholders $6.25 cash per common share. The offer price represents a 29% premium over Miramar's 20-day volume-weighted average trading price.
Newmont reported it had acquired 189.4 million Miramar shares representing 96% of Miramar's outstanding shares.