Semafo mulls Savary Gold shares purchase
TSX-listed gold miner Semafo and TSX-V-listed Savary Gold have entered into a nonbinding letter of intent (LoI) contemplating the acquisition by Semafo of all the outstanding common shares of Savary.
Under the terms of the LoI, all the issued and outstanding Savary shares will be exchanged on the basis of 0.0335 Semafo common shares for each Savary share.
The exchange ratio implies a consideration of C$0.10 per Savary share.
The proposed transaction value is about C$22.7-million on a fully diluted in-the-money basis, representing 2.2% dilution to Semafo shareholders.
The LoI provides for exclusivity until March 11 for the parties to enter into definitive agreements.
Semafo on Monday separately announced a maiden inferred mineral resource estimate of just over 2.1-million tonnes at 5.35 g/t gold for 361 288 oz at its Bantou zone, in Burkina Faso, which is contiguous to Savary’s Karankasso projects.
Bantou is one of several targets Semafo explored in 2018 on the Dynikongolo permit.
The 2018 programme included a core drill programme to test the down plunge extension of the Bantou area and a reverse circulation drilling programme to explore proximal targets and the Tankoro zone.
Semafo president and CEO Benoit Desormeaux on Monday congratulated the exploration team for delivering “the first of many important new discoveries and resource updates”.
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