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Serabi Gold plc. (AIM:SRB, TSX:SBI) and Kenai Resources (TSXV:KAI) announced on Monday they have entered into an arrangement whereby Serabi will acquire all issued and outstanding common shares of Kenai.
Serabi Gold plc. (AIM:SRB, TSX:SBI) and Kenai Resources (TSXV:KAI) announced on Monday they have entered into an arrangement whereby Serabi will acquire all issued and outstanding common shares of Kenai. A subsidiary of Kenai owns the Sao Chico gold deposit located 23 kilometers from Serabi’s Palito gold mine in Brazil.
As quoted in the press release:
“This is a very exciting development for Serabi. The Transaction will combine Kenai’s high grade Sao Chico gold property with our Palito operation just 23 kilometres away. With the Palito plant currently under remediation, we see Sao Chico as the first satellite deposit to augment Palito mine production with further high grade feed, taking advantage of the excess plant capacity available, said Serabi CEO Michael Hodgson. “It therefore provides real potential to quickly expand and grow Serabi’s future gold production. By completing this transaction at this time ensures that we are able to consider the processing of Sao Chico ore into our current plant remediation plans.
Click here to read the Serabi Gold (AIM:SRB, TSX:SBI) press release