Evolution Mining (ASX:EVN) finalises transaction for Canadian acquisition

Company News

by Michael Luu

Gold player Evolution Mining (ASX:EVN) has finalised the transaction for the takeover of Battle North Gold for $366 million, following the successful completion of a scheme of arrangement.

The acquisition of the dual-listed company received the final tick of approval from the Supreme Court of British Columbia, following a shareholder vote where 99.8 per cent voted in favour of the deal.

Evolution emphasised the significance of the deal, “This acquisition provides Evolution with an opportunity to expand our footprint in the region and create value by leveraging the infrastructure of the two operations”.

Battle North Gold is the developer and whole owner of the Bateman Gold Project in the district of Red Lake in Ontario, Canada. The asset comprises of the high-grade F2 Gold Deposit. The mine’s production capacity has to potential to bolster Evolution’s ability to achieve the “objective of producing in excess of 300,000 ounces of gold per annum from Red Lake.”

The Canadian-based gold explorer also has access to a sizable gold exploration site along the Long Canyon gold deposit in the United States.

Shares in Evolution Mining (ASX:EVN) last traded at $5.19