SEMAFO (TSX: SMF) (OMX: SMF) and Savary Gold (TSX-V: SCA) announced today that they have entered into a definitive combination agreement pursuant to which SEMAFO will acquire all of the issued and outstanding common shares of Savary not already owned by it.<\/p>\n
In a press release<\/a>, the companies explained that the transaction is being carried out by way of a three-cornered amalgamation, which will be voted upon by Savary shareholders. Closing is expected by the end of April.<\/p>\n They also said that under the terms of the Combination Agreement, Savary shareholders will receive 0.0336 of a SEMAFO common share for each Savary Share.<\/p>\n Once the deal goes through, it would allow for the consolidation of both companies\u2019 properties in Burkina Faso\u2019s Hound\u00e9 Greenstone Belt. In that area of the western part of the West African country, Savary operates the Karankasso gold project, which is located right next to SEMAFO\u2019s Mana mine. This means that the consolidation will result in a district-scale, target-rich, land package.<\/p>\n According to the Canadian firms, the deal would also allow them to consolidate the resource estimation of their existing mineral resources and will provide a significant base on which to expand. Savary’s Karankasso mine hosts inferred resources of 12.3 Mt at 2.03 g\/t Au for 805,000 oz, while SEMAFO’s Bantou mine has inferred mineral resources of 2.1 Mt grading 5.35 g\/t Au for 361,000 oz.<\/p>\n \u201cWe see excellent potential for resource growth on the combined 1,250 square kilometres, and when this transaction is consummated we anticipate the combined property will head up our development pipeline,\u201d Benoit Desormeaux, President and CEO of SEMAFO, said in the media brief.<\/p>\n The post SEMAFO and Savary Gold join forces to expand in Burkina Faso<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The deal will allow the Canadian miners to consolidate their Karankasso and Mana properties.<\/p>\n The post SEMAFO and Savary Gold join forces to expand in Burkina Faso<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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closing, our shareholders can maintain exposure to the district-scale land package as it becomes one of SEMAFO’s top development pipeline projects” – Savary’s CEO.<\/q><\/p>\n