M&As this week: Odin Mining & Exploration, Orsu Metals, Bahar Madencilik Sinayi ve Ticaret
Odin Mining & Exploration (Odin) has entered an agreement to acquire a stake in Ecuador Gold and Copper (EGX).
Odin Mining & Exploration (Odin) has entered an agreement to acquire a stake in Ecuador Gold and Copper (EGX).
The transaction is expected to close in October 2016, following which the resulting entity will be 65% owned by Odin and 35% by EGX’s existing shareholders.
The transaction will also create an emerging gold exploration company with a post-deal market capitalisation of C$198m ($151.13m).
Odin's financial advisor for the transaction is M Partners, while Salman Capital will advise EGX.
Orsu Metals' wholly-owned subsidiary, Lero Gold (Lero), has entered an agreement to sell its 100% stake in Tournon Finance to three acquirers for $2.5m.
The transaction will allow Orsu to divest its 100% indirect interest in the Akdjol-Tokhtazan Project, which is currently held by Oriel in Kyrgyzstan (OiK) through Tournon Finance.
Bahar Madencilik Sinayi ve Ticaret (Bahar) has acquired EBX Madencilik from Eurasian Minerals for a total consideration of C$0.37m ($0.28m).
The acquisition provides Bahar with the Sisorta gold property, a 1,000m x 600m zone in Turkey that features shallow oxide gold mineralisation with underlying copper and gold porphyry potential.