Alamos Gold announces acquisition of Orford Mining
Published by Jane Bentham,
Editorial Assistant
Global Mining Review,
Alamos Gold Inc. has announced that it has entered into a definitive agreement pursuant to which Alamos will acquire all of the issued and outstanding shares of Orford Mining Corporation by way of a court-approved plan of arrangement.
The acquisition will consolidate Alamos’ existing ownership of Orford shares through which the Company will add the highly prospective Qiqavik Gold Project, located in Quebec, Canada. Alamos will also be acquiring interests in several exploration stage critical mineral and gold projects in Quebec, including West Raglan, the Joutel Properties, and Nunavik Lithium.
Under the terms of the Agreement, Orford shareholders will receive 0.005588 of an Alamos common share for each Orford share. This represents a value of CAN$0.10 per Orford share, based on the 20-day volume weighted average trading price of Alamos’ shares on the Toronto Stock Exchange immediately preceding 15 January 2024. Alamos currently owns 61 660 902 Orford shares, representing approximately 27.5% of Orford’s basic common shares outstanding. Excluding Alamos’ existing ownership of Orford, Alamos expects to issue approximately 0.9 million shares for total consideration of CAN$16 million.
“Our acquisition of Orford is consistent with our strategy of building out a pipeline of high-quality, long-term projects, in good jurisdictions, to complement our near-term organic growth projects in Canada. Qiqavik fits that strategy perfectly as an attractive early-stage gold project, located in one of top mining jurisdictions in the world. We see excellent long-term potential within the underexplored Qiqavik district and look forward to building off Orford’s success with a larger and sustained exploration programme,” said John A. McCluskey, President and Chief Executive Officer.
Read the article online at: https://www.globalminingreview.com/exploration-development/17012024/alamos-gold-announces-acquisition-of-orford-mining/
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