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Brazil Resources Inc. (TSXV:BRI,OTCQX:BRIZF) completed its acquisition of Brazilian Gold Corporation (TSXV:BGC). The total consideration under the transaction was approximately $13.5 million and the acquisition significantly expands Brazil Resources’ footprint in Brazil by the addition of Brazilian Gold Corporation’s flagship, São Jorge Project.
As quoted in the press release:
Under the Arrangement, the Company acquired all of the 103,608,796 issued and outstanding common shares of BGC (the “BGC Shares”) for consideration consisting of 0.172 common shares of Brazil Resources (the “BRI Shares”) per BGC Share. Total consideration under the transaction was approximately $13.5 million.
Brazil Resources Inc. Chairman, Amir Adnani, said:
The directors and management of Brazil Resources are very pleased to announce the completion of this transaction. The acquisition of BGC has expanded our project base in the region and represents a significant milestone in our strategy to build shareholder value through targeted accretive acquisitions. On behalf of the Company, we welcome BGC’s shareholders and look forward to progressing the combined companies’ projects.
Click here to read the Brazil Resources Inc. (TSXV:BRI,OTCQX:BRIZF) press release