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Brazil Resources Inc. (TSXV:BRI,OTCQX:BRIZF) entered into an arrangement agreement with Brazilian Gold Corporation (TSXV:BGC), where Brazil Resources will acquire all of the outstanding common shares of Brazilian Gold Corporation.
As quoted in the press release:
Under the Arrangement, BGC shareholders will receive 0.172 common shares of Brazil Resources for each BGC Share. The share exchange ratio represents a premium on the BGC Shares of approximately 38.9% based on the volume weighted average price of each company’s shares for the 30 preceding trading days. Total aggregate consideration under the Arrangement is approximately $13.5 million.
Brazil Resources Inc. Chairman, Amir Adnani, said:
We are very pleased to announce this transaction, which is representative of the accretive opportunities that have arisen as a result of recent market conditions. The addition of BGC’s assets will position us with a leading project portfolio and development pipeline in Pará State, which is one of the most active mining jurisdictions in Brazil. Our stated growth strategy is predicated on identifying and executing on value opportunities such as this transaction and our acquisition of the Cachoeira Project last year.
Click here to read the Brazil Resources Inc. (TSXV:BRI,OTCQX:BRIZF) press release