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Deal involving Vancouver miner will consolidate one of the largest new gold districts in Nevada
To consolidate one of the largest new gold districts in Nevada, AngloGold Ashanti is buying out Vancouver-based Corvus Gold Inc. for a total transaction cost of US$370 million.
Acting for Corvus is Blakes Cassels & Graydon, Cassels Brock & Blackwell and Dorsey & Whitney. The Cassels Brock team includes Jen Hansen, Jeffrey Roy, Jackson Phillips, David Overall, Chris Norton and Chris Hersh. Stikeman Elliott is advising AngloGold.
AngloGold will acquire 80.5 per cent of Corvus’ common shares, with each share valued at $4.10. AngloGold Ashanti will pay the total offer price of US$370 million in cash, which is not subject to any financing conditions.
AngloGold Ashanti’s Chief Executive Officer and Executive Director, Alberto Calderon said in a press release, “Placing these assets under single ownership will allow for significantly reduced capital intensity to develop the district with a phased and modular approach, providing for a meaningful, low-cost production base in the medium and longer term.”
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