Alamos Gold Announces Acquisition Of Orford Mining Including The Qiqavik Gold Project; Orford Shareholders Will Receive 0.005588 Of An Alamos Common Share For Each Orford Share, Alamos Expects To Issue ~900K Shares For Total Consideration Of C$16 Million
Portfolio Pulse from Benzinga Newsdesk
Alamos Gold Inc. (NYSE:AGI) has announced the acquisition of Orford Mining Corporation, including the Qiqavik Gold Project in Quebec, Canada. Alamos will issue approximately 900,000 shares for a total consideration of C$16 million. Orford shareholders will receive 0.005588 of an Alamos share for each Orford share. The acquisition adds to Alamos' portfolio of exploration projects in Quebec and is in line with its strategy to build a pipeline of high-quality, long-term projects in top mining jurisdictions.
January 15, 2024 | 11:21 pm
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Alamos Gold Inc. is acquiring Orford Mining, including the Qiqavik Gold Project, for C$16 million, issuing about 900K shares. This strategic acquisition aims to enhance Alamos' long-term project pipeline in a top mining jurisdiction.
The acquisition of Orford Mining is likely to be viewed positively as it expands Alamos Gold's asset base and long-term growth potential. The issuance of shares for the acquisition is relatively small compared to the company's market capitalization, suggesting a limited dilutive effect. The strategic nature of the acquisition and the potential for new discoveries at the Qiqavik Gold Project may create optimism among investors, potentially leading to a short-term positive impact on AGI's stock price.
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