Wesdome Gold Mines (TSX: WDO) has managed to secure shareholder approval from Angus Gold (TSXV: GUS) shareholders to proceed with the purchase of the gold explorer.
Angus declared this morning that 99.8% of the votes cast at the special meeting of shareholders approved of the transaction.
Under the terms of the deal, Angus Gold investors are set to receive consideration of $0.77 per share of Angus Gold they hold. Consideration is to consist of $0.62 in cash and 0.0096 of a Wesdome Gold share for each share of Angus Gold, which represents an enterprise value of approximately $40 million.
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WATCH: Wesdome Gold Acquires Angus Gold: The Closeology Strategy
The acquisition will see Wesdome consolidate the Eagle River region under a single banner. Angus currently holds land claims adjacent to Wesdome’s Eagle River project, while also encompassing the Mishi open pit mine.
The transaction is now expected to close on June 27.
Wesdome Gold last traded at $19.42 on the TSX.
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