Yesterday’s close saw Battle North Gold Corporation (OTCQX: BNAUF) shares surge 41.10% to $2.0601. There were 3.55M of BNAUF shares traded on the day, compared to the average weekly trading volume of greater than 686K shares. News of a merger drove the surge.
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How will BNAUF merge?
As an expanding gold producer in the Red Lake Gold District of Ontario, Canada, Battle North is building the Bateman Gold Project. Amongst the exploration grounds in the district, BNAUF controls the second biggest. Also owned by Battle North is a large land package with a gold trend near the Nevada-Utah border in the United States. Stocks of Battle North are traded on the Toronto Stock Exchange (BNAU) and at the OTCQX (BNAUF).
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A definitive arrangement agreement was announced by Battle North Gold Corp. and Evolution Mining Limited (ASX: EVN) yesterday.
- Evolution agreed to acquire all issued as well as outstanding shares of Battle North for $2.65 each in cash, as part of the agreement.
- Under the Transaction, all outstanding shares will receive approximately C$343 million in total consideration.
- This Consideration represents a 46% premium over the Toronto Stock Exchange closing price on March 12, 2021 for common shares of BNAUF.
- Furthermore, it represents a 54% premium over the last 20-days tracing’s volume-weighted average price (“VWAP”) of the Battle North stock.
- An arrangement will be devised in accordance with the British Columbia Corporations Act.
- During the Battle North shareholders’ annual and special meeting expected to take place in May 2021, the Transaction will require the approval of 66.66% of the votes cast by BNAUF shareholders.
- A management information circular prepared for the Shareholder Meeting will discuss the Transaction and the Arrangement Agreement in detail.
- It is projected that the Transaction will close in the second calendar quarter of 2021, providing all pre-existing conditions have been met.
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Conclusion:
Bringing together the Red Lake assets of Battle North (BNAUF) and Evolution will reduce the risk of development and execution and will be way more beneficial for the merging companies. Moreover, an all-cash offer that is significantly more than the market will certainly benefit holders of BNAUF stock.