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Nov 7, 2017

Centerra Gold inks deal to buy AuRico Metals for $310M in cash

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TORONTO -- Centerra Gold Inc. has signed a friendly deal to buy AuRico Metals Inc. for $310 million in cash.

Under the deal, Centerra (CG.TO) has agreed to pay $1.80 per share for the company which is developing the Kemess property in B.C.

Shares in AuRico (AMI.TO) soared at the market open Tuesday. They closed at $1.30 on the Toronto Stock Exchange on Monday.

Centerra's shares, meanwhile, were down modestly.

Centerra says the deal expands its existing development pipeline to include another low-cost de-risked brownfield development asset in the Kemess property.

The deal requires approval by two-thirds of the votes cast at a special meeting of AuRico Metals shareholders as well as court and regulatory approvals.

Directors and senior officers of AuRico Metals, in addition to Alamos Gold Inc., that collectively hold about a 11.4 per cent stake in AuRico have agreed to vote in favour of the proposed deal.

-- With files from BNN