11 Jul Eldorado Gold completes Integra acquisition to boost Quebec gold position
Eldorado Gold (TSX:ELD) (NYSE:EGO) has completed the acquisition of Integra Gold, in a deal worth around US$457 million, bolstering its position in gold-rich Quebec.
The Canadian miner announced the agreement was approved by Integra shareholders and the Supreme Court of British Columbia at the end of last week.
According to an Eldorado statement the final agreement will see Integra shareholders receive C$129 million in cash and 77 million common shares of Eldorado.
Eldorado president and CEO George Burns said the deal represented good value for shareholders and an opportunity to fulfil long-term growth.
He said: “Our experience in building and operating mines, combined with the experience from our new team in Quebec, will enhance our long-term growth profile and value proposition for all stakeholders.”
Absorbing Integra gives Eldorado full ownership of the Lamaque project near Val-d’Or, Quebec, seen as a more stable jurisdiction to operate than the other regions where the company has projects and mines.
Integra will continue as a wholly-owned subsidiary of Eldorado and will be delisted from the TSX as soon as practicable.