AUX Canada to Acquire Ventana Gold for $1.56bn


AUX Canada Acquisition has entered into an agreement with Ventana Gold to acquire its common shares for $13.60 a common share, for a total value of $1.56bn.

Ventana rejected AUX Canada's earlier offer of $12.63 in cash for each common share in December 2010.

The increased offer represents a premium of 30.2% to the closing price of Ventana's common shares on 16 November 2010 and a 33.8% premium to the 20-day volume weighted average trading price through that date.

With the acquisition, EBX Group will acquire 100% of Ventana Gold and have access to gold, silver and copper deposits in Colombia.

Ventana Gold's assets include the La Bodega and Cal-Vetas projects located in Colombia.