Wesdome Gold Mines to Acquire Angus Gold; Quadruples the Eagle River Land Package
Wesdome Gold Mines (WDOFF) has announced a definitive agreement to acquire Angus Gold in a cash-and-stock transaction. Under the terms, Angus shareholders will receive $0.62 cash plus 0.0096 Wesdome shares per Angus share, valuing each Angus share at $0.77 - a 59% premium to Angus's 20-day volume-weighted average price.
The transaction, valued at approximately $40 million net of Angus's cash, will quadruple Wesdome's Eagle River land position to create a ~400 km² contiguous strategic land package. The acquisition consolidates district-scale exploration potential across three mineralized trends, including the Eagle River Splay and Cameron Lake banded iron formation, with recent notable gold intercepts.
Wesdome currently owns 10.4% of Angus's basic common shares and 14.9% on a partially diluted basis. The deal has received support from shareholders holding 47% of Angus shares and is expected to close in Q2 2025, subject to customary approvals.
Wesdome Gold Mines (WDOFF) ha annunciato un accordo definitivo per acquisire Angus Gold tramite una transazione in contante e azioni. Secondo i termini, gli azionisti di Angus riceveranno $0,62 in contante più 0,0096 azioni di Wesdome per ogni azione di Angus, valutando ogni azione di Angus a $0,77 - un premio del 59% rispetto al prezzo medio ponderato per volume delle ultime 20 giornate di Angus.
La transazione, valutata a circa $40 milioni al netto della liquidità di Angus, quadruplica la posizione territoriale di Wesdome a Eagle River, creando un pacchetto di terreni strategico contiguo di circa 400 km². L'acquisizione consolida il potenziale di esplorazione su scala distrettuale attraverso tre tendenze mineralizzate, inclusi il Eagle River Splay e la formazione di ferro bandato di Cameron Lake, con recenti intercettazioni d'oro significative.
Wesdome attualmente possiede il 10,4% delle azioni ordinarie di Angus e il 14,9% su base parzialmente diluita. L'accordo ha ricevuto il supporto degli azionisti che detengono il 47% delle azioni di Angus ed è previsto che si chiuda nel secondo trimestre del 2025, soggetto alle approvazioni di rito.
Wesdome Gold Mines (WDOFF) ha anunciado un acuerdo definitivo para adquirir Angus Gold en una transacción de efectivo y acciones. Según los términos, los accionistas de Angus recibirán $0.62 en efectivo más 0.0096 acciones de Wesdome por cada acción de Angus, valorando cada acción de Angus en $0.77 - un 59% de prima sobre el precio promedio ponderado por volumen de 20 días de Angus.
La transacción, valorada en aproximadamente $40 millones netos de efectivo de Angus, cuatriplica la posición territorial de Wesdome en Eagle River, creando un paquete de tierras estratégicas contiguo de aproximadamente 400 km². La adquisición consolida el potencial de exploración a escala distrital a través de tres tendencias mineralizadas, incluyendo el Eagle River Splay y la formación de hierro bandado de Cameron Lake, con recientes interceptaciones notables de oro.
Wesdome actualmente posee el 10.4% de las acciones ordinarias de Angus y el 14.9% en una base parcialmente diluida. El acuerdo ha recibido apoyo de accionistas que poseen el 47% de las acciones de Angus y se espera que se cierre en el segundo trimestre de 2025, sujeto a las aprobaciones habituales.
Wesdome Gold Mines (WDOFF)는 Angus Gold를 현금 및 주식 거래를 통해 인수하기 위한 최종 계약을 발표했습니다. 조건에 따르면, Angus의 주주들은 Angus 주식 1주당 $0.62의 현금과 0.0096의 Wesdome 주식을 받게 되며, 이는 Angus 주식 1주의 가치를 $0.77로 평가합니다 - Angus의 20일 거래량 가중 평균 가격에 비해 59%의 프리미엄입니다.
이 거래는 Angus의 현금을 제외하고 약 $40백만으로 평가되며, Wesdome의 Eagle River 토지 위치를 4배로 증가시킵니다, 약 400 km²의 인접한 전략적 토지 패키지를 만듭니다. 이 인수는 Eagle River Splay 및 Cameron Lake 밴드 철 형성과 같은 세 가지 광물화 경향을 통해 지역 규모의 탐사 잠재력을 통합하며, 최근 주목할 만한 금광 탐사가 있었습니다.
Wesdome는 현재 Angus의 기본 보통주 10.4%와 부분적으로 희석된 기준으로 14.9%를 보유하고 있습니다. 이 거래는 Angus 주식의 47%를 보유한 주주들로부터 지지를 받았으며, 일반적인 승인 절차에 따라 2025년 2분기에 마무리될 것으로 예상됩니다.
Wesdome Gold Mines (WDOFF) a annoncé un accord définitif pour acquérir Angus Gold dans le cadre d'une transaction en espèces et en actions. Selon les termes, les actionnaires d'Angus recevront 0,62 $ en espèces plus 0,0096 actions de Wesdome par action Angus, valorisant chaque action Angus à 0,77 $ - une prime de 59 % par rapport au prix moyen pondéré par volume d'Angus sur 20 jours.
La transaction, évaluée à environ 40 millions de dollars nets de liquidités d'Angus, quadruple la position foncière de Wesdome à Eagle River, créant un ensemble foncier stratégique contigu d'environ 400 km². L'acquisition consolide le potentiel d'exploration à l'échelle du district à travers trois tendances minéralisées, y compris le Eagle River Splay et la formation de fer bandé de Cameron Lake, avec des interceptions d'or notables récemment.
Wesdome possède actuellement 10,4 % des actions ordinaires d'Angus et 14,9 % sur une base partiellement diluée. L'accord a reçu le soutien d'actionnaires détenant 47 % des actions d'Angus et devrait se conclure au deuxième trimestre 2025, sous réserve des approbations habituelles.
Wesdome Gold Mines (WDOFF) hat eine endgültige Vereinbarung zur Übernahme von Angus Gold in einer Bar- und Aktientransaktion bekannt gegeben. Nach den Bedingungen erhalten die Angus-Aktionäre $0,62 in bar plus 0,0096 Wesdome-Aktien pro Angus-Aktie, was jede Angus-Aktie mit $0,77 bewertet - ein Aufschlag von 59 % auf den volumengewichteten Durchschnittspreis von Angus in den letzten 20 Tagen.
Die Transaktion, die auf etwa 40 Millionen Dollar netto von Angus' Bargeld geschätzt wird, vervielfacht die Grundstücksposition von Wesdome in Eagle River und schafft ein zusammenhängendes strategisches Grundstücks-Paket von etwa 400 km². Die Übernahme konsolidiert das Erkundungspotenzial auf Bezirksebene über drei mineralisierte Trends, einschließlich des Eagle River Splay und der Cameron Lake gebänderten Eisenerzformation, mit kürzlichen bemerkenswerten Goldinterzepten.
Wesdome besitzt derzeit 10,4 % der Stammaktien von Angus und 14,9 % auf einer teilweise verwässerten Basis. Der Deal hat Unterstützung von Aktionären erhalten, die 47 % der Angus-Aktien halten, und wird voraussichtlich im 2. Quartal 2025 abgeschlossen, vorbehaltlich der üblichen Genehmigungen.
- Quadruples Eagle River land package to 400 km²
- Consolidates three mineralized trends with promising gold intercepts
- Strong shareholder support with 47% locked-up agreements
- Leverages existing infrastructure for accelerated exploration
- 80% cash component provides immediate return to shareholders
- Additional $40 million enterprise value expenditure for Wesdome
- Potential dilution for existing Wesdome shareholders
- Integration and exploration costs to develop new territory
All amounts are expressed in Canadian dollars unless otherwise indicated
TORONTO, April 07, 2025 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“Wesdome” or the “Company”) and Angus Gold Inc. (TSX-V: GUS, OTC: ANGVF) (“Angus”) are pleased to jointly announce that they have entered into a definitive arrangement agreement (the “Agreement”) whereby Wesdome will acquire all of the issued and outstanding common shares of Angus pursuant to a plan of arrangement (the “Arrangement”).
Under the terms of the Agreement, each of the issued and outstanding common shares of Angus that Wesdome does not currently own will be exchanged for
Strategic Rationale for Wesdome
- Transforms Eagle River into a district-scale opportunity (Figure 1)
Quadruples Wesdome’s land position at Eagle River, consolidating two adjacent properties into one ~400 km2 contiguous strategic land package situated on a highly prospective greenstone belt. The expanded footprint hosts multiple targets and mineralization styles.
- Bolsters Eagle River’s greenfield exploration pipeline
Consolidates district-scale exploration potential across at least three mineralized trends, including the Eagle River Splay and Cameron Lake banded iron formation (“BIF”). Recent intercepts — 48.7 g/t Au over 1.5m at the Splay and 47.4m at 1.1 g/t Au (incl. 11.7m at 2.2 g/t) at BIF — underscore the potential for discovering new mineralized zones and resource delineation.
- Underscores long-term commitment to Eagle River
Opportunity to leverage Wesdome’s existing balance sheet, infrastructure and relationships with stakeholder and Indigenous groups to accelerate exploration and development, while continuing to focus on the Company’s asset base located in Ontario and Québec – two of the world’s premier mining jurisdictions.
Strategic Rationale for Angus Shareholders
- Attractive premium
The Offer represents a significant premium and is a validation of the efforts of the Angus team over the past 5 years. In addition, the cash component represents80% of the Offer price and reflects a strong immediate return for Angus shareholders.
- Exposure to a growing value-driven Canadian gold producer
Wesdome’s portfolio of high-quality producing gold assets in Ontario and Québec further reinforces the strategic rationale of this transaction. Shareholders will receive a portion of the consideration in common shares of Wesdome, a proven Canadian gold producer with a track record of value creation.
Anthea Bath, President and CEO of Wesdome, commented, “This is a highly logical and strategic tuck-in transaction that brings together a contiguous land package between the Eagle River mine and mill, enhancing our ability to unlock value through the drill bit. It reinforces our belief in the geological potential of the Mishibishu Lake greenstone belt, aligns with our focus on regional consolidation, and positions us to deliver sustainable, long-term growth supported by our strong balance sheet and existing infrastructure.
“Since 2020, Angus has invested over
“Breanne and her team have done excellent work over the last several years, which has resulted in multiple discoveries and laid the groundwork for further exploration. We believe that now is the right time for Wesdome to assume ownership and build upon the work done by the Angus team. With Wesdome’s balance sheet and free cash flow profile, we can add significant value to the property and eventually bring economic deposits into production quickly given the proximity to our existing infrastructure.”
Breanne Beh, President and CEO of Angus, commented, “On behalf of the Board of Directors of Angus Gold, we are excited to have reached an agreement with Wesdome. This transaction is a testament to the dedication and diligent work of the Angus team, particularly our exploration team, and we sincerely thank everyone for their excellent work. Since 2020, through a series of property acquisitions, we consolidated a district-scale land package, completed over 40,000 metres of drilling, and made significant gold discoveries. These accomplishments would not have been possible without the support of our committed stakeholders. We believe this transaction delivers immediate value to our shareholders and provides the opportunity to benefit from a well-established and well-financed gold producer.”
Summary of the Arrangement
The Arrangement will be implemented by way of a court-approved plan of arrangement pursuant to the Business Corporations Act (Ontario) and will require the approval of the Ontario Superior Court of Justice (Commercial List) and the approval of at least two-thirds of the votes cast by Angus shareholders as well as the approval of a simple majority of disinterested shareholders at a special meeting of Angus shareholders, which is expected to be held in June 2025.
In addition to the aforementioned approvals, completion of the Arrangement is subject to other customary conditions and stock exchange approvals. The Arrangement is expected to close in the second quarter of 2025.
The directors, senior officers and advisors of Angus, holding in aggregate
New Gold Inc. has agreed to a lock-up agreement with Wesdome to tender its 4.85 million shares, or
The Agreement provides for customary deal protection provisions, including non-solicitation covenants on the part of Angus and a right in favour of Wesdome to match any unsolicited superior proposal. In the event that the Agreement is terminated in certain circumstances, Angus has agreed to pay Wesdome a termination fee of
Board Approval and Recommendation
The special committee of independent directors of Angus (the “Angus Special Committee”) has received an opinion from Evans & Evans, Inc. that, based upon and subject to the limitations, assumptions and qualifications of and other matters considered in connection with the preparation of such opinion, the Offer is fair, from a financial point of view, to the Angus shareholders (other than Wesdome) (the “Fairness Opinion”).
Following its review and in consideration of, amongst other things, the Fairness Opinion, the Special Committee has unanimously recommended that the board of directors of Angus approve the Arrangement. The Angus board, following the receipt and review of recommendations from the Special Committee, and after receiving legal and financial advice, has unanimously approved the Agreement and the Arrangement and has determined that the Arrangement is fair to shareholders of Angus (other than Wesdome) and is in the best interests of Angus, and unanimously recommends to shareholders that they vote in favour of the Arrangement.
The Agreement has also been unanimously approved by the board of directors of Wesdome.
Warrants and Options
Pursuant to the Arrangement, each Angus stock option (each, a “Stock Option”) outstanding immediately prior to the effective time of the Arrangement (the “Effective Time”) shall automatically vest and be immediately cancelled in exchange for a cash payment equal to the excess, if any, of: (i) the product of the number of Angus common shares underlying such Angus Options and
Advisors and Counsel
Wesdome has engaged Stikeman Elliott LLP as its legal advisor in connection with the transaction.
Peterson McVicar LLP is acting as legal advisor to Angus and Mason Law LLP is acting as legal advisor to the Special Committee in connection with the transaction. Evans & Evans, Inc. has been retained to deliver a fairness opinion to the Angus Special Committee.
About Wesdome Gold Mines
Wesdome is a Canadian-focused gold producer with two high-grade underground assets, Eagle River in Northern Ontario and Kiena in Val-d’or, Québec. The Company’s primary goal is to responsibly leverage its operating platform and high-quality brownfield and greenfield exploration pipeline to build a growing value-driven gold producer.
About Angus Gold
Angus is a Canadian mineral exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company’s flagship project, which is the Golden Sky Project near Wawa, Ontario, is situated immediately adjacent to Wesdome’s Eagle River mine.
| Contacts for Wesdome | |
| Raj Gill | Trish Moran |
| SVP, Corporate Development & Investor Relations | VP, Investor Relations |
| Phone: +1.416.360.3743 | Phone: +1.416.564.4290 |
| E-Mail: invest@wesdome.com | E-mail: trish.moran@wesdome.com |
| Contacts for Angus | |
| Breanne Beh | Lindsay Dunlop |
| President and CEO | VP, Investor Relations |
| Phone: +1.807.356.6330 | Phone: +1.647.259.1790 |
| Email: bbeh@angusgold.com | Email: info@angusgold.com |
Forward-Looking Statements
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the future financial and operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Forward-looking statements or information contained in this press release include, but are not limited to, statements or information with respect to: (i) expectations regarding whether the proposed Arrangement will be consummated, including whether conditions to the consummation of the Arrangement will be satisfied, or the timing for completing the Transaction, (ii) expectations for the effects of the Arrangement or the ability of the combined company to successfully achieve business objectives, including integrating the companies or the effects of unexpected costs, liabilities or delays, (iii) the potential benefits and synergies of the Arrangement, and (iv) expectations for other economic, business, and/or competitive factors.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors including those risk factors discussed in the sections titled “Cautionary Note Regarding Forward Looking Information” and “Risks and Uncertainties” in the Company’s most recent Annual Information Form. Readers are urged to carefully review the detailed risk discussion in our most recent Annual Information Form which is available on SEDAR+ and on the Company’s website.
Figure 1 – Wesdome and Angus Property Map
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cb054c8e-e02e-4e0e-b850-de45a858ee3d
PDF available: http://ml.globenewswire.com/Resource/Download/880ff997-f50c-4f78-9b4e-8b3e3a8b391b
FAQ
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