The Conversation (0)
Roxgold (CVE:ROG) and Riverstone Resources (CVE:RVS) announced that they have entered into a binding letter agreement, to which Roxgold will acquire the remaining interests in each of its Yaramoko, Bissa West and Solna projects in Burkina Faso, West Africa from Riverstone.
The press release is quoted as saying:
Under the terms of the agreement, Riverstone will receive total consideration of approximately $33.5 million, comprising $17 million in cash and 16 million Roxgold common shares valued at $1.03 per common share (based on the closing share price of Roxgold common shares on September 20, 2011).
Roxgold’s President and CEO, Robert Sibthorpe stated:
“This acquisition consolidates ownership of our Yaramoko, Bissa West and Solna assets and creates a dominant exploration package in Burkina Faso.” “Yaramoko, Bissa West and Solna are unique, high-quality gold projects and Roxgold will continue to aggressively explore the projects with the objective of advancing them towards production. We value our strong relationship with Riverstone and appreciate the important role that the Riverstone team has played in helping to develop the Bissa West and Yaramoko projects into two of the most exciting projects in the region. We look forward to having Riverstone as a significant shareholder of Roxgold, and to our continued relationship with the Riverstone team.”
Click here to access the entire news release.
Click here to access Roxgold’s company profile.(TSXV:ROG)