Wesdome to Acquire Angus Gold
Wesdome Gold Mines Ltd. will acquire all shares of Angus Gold Inc. in a transaction valued at $40 million.
Each of the shares of Angus that Wesdome does not currently own will be exchanged for $0.62 cash plus 0.0096 of a Wesdome share, representing an aggregate value of $0.77 per Angus common share, based on the closing price of Wesdome’s common shares on the Toronto Stock Exchange on April 4, 2025, the last trading day prior to announcement of the offer. The offer represents a premium of 59% to Angus’ 20-day volume-weighted average price ending April 4, 2025.
Wesdome operates the Eagle River underground gold mine, which is located 50 km west of Wawa, Ontario. The acquisition will quadruple 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.
“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,” said Anthea Bath, president and CEO of Wesdome. “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.”