St Barbara (ASX:SBM) has successfully completed its acquisition of Atlantic Gold Corporation. The effective date of the acquisition was 19 July 2019.
A subsidiary of St Barbara has acquired 100 per cent of the outstanding common shares and options of Atlantic Gold for A$780 million under a Canadian plan of arrangement.
Key benefits from the acquisition of Atlantic Gold include a long life operation, with an existing mine life of 12 years and substantial reserves and resources.
St Barbara says Atlantic Gold ticks all the boxes and is confident Atlantic Gold will deliver long term value for shareholders because it diversifies the company's production base with a low cost, high margin, long life mine and a quality growth pipeline in a very favourable and prospective region.
Shares in St Barbara (ASX:SBM) Shares closed 5.34 per cent higher at $3.55 on Friday.