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Roxgold Shares Trade Up 16% Following Fortuna Silver s CA$1.1 Billion Buyout Offer Source:
Streetwise Reports (4/26/21) Roxgold shares traded higher after the company reported it agreed to be acquired by Fortuna Silver Mines in a mostly stock and cash deal for CA$2.73 per share.
Canada-based gold mining company Roxgold Inc. (ROXG:TSX), which is focused on developing assets in West Africa, and Fortuna Silver Mines Inc. (FSM:NYSE; FVI:TSX; FVI:BVL; F4S:FSE), which operates silver and gold operations in North and South America, announced that they have entered into a definitive agreement for Fortuna to acquire 100% of Roxgold s issued and outstanding securities.
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Fortuna Silver buying Roxgold in $1-billion cash-and-stock deal
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By Reuters Staff
2 Min Read
(Reuters) - Shares of Fortuna Silver Mines Inc tumbled as much as 14% on Monday after the Canadian company said it would buy West Africa-focused gold miner Roxgold Inc in a cash-and-stock deal valued at about C$1 billion ($884.32 million).
Fortuna, which operates in Peru, Mexico, and Argentina, would acquire Roxgold’s projects in Burkina Faso and Côte d’Ivoire with an expected annual gold equivalent combined production of 450,000 ounces.
Roxgold stock price climbed sharply while Fortuna’s Toronto-listed shares fell, reflecting investor unease over security in the volatile Sahel region.
Despite the security risks of operating in Burkina Faso, the country is attractive for gold miners as the cost of producing the metal is much lower compared with the rest of the world. At a time of high gold prices, that translates into hefty margins for miners.