Shareholders of U.S.-based Century Mining Corp. on Tuesday approved an all-stock takeover by Canada-based White Tiger Gold Ltd, Century said. The value of the deal was not disclosed.
The purchase remains subject to approval of the Ontario Superior Court of Justice, approval under the Investment Canada Act and approval of the Toronto Stock Exchange.
The business combination will give Century the opportunity to become a part of a larger, more diversified gold mining company with multiple properties in various stages of production and development in Canada, Russia, and Peru, said Daniel Major, CEO of Century Mining, a gold producer with assets in Canada, the U.S. and Peru.
The combined company is expected to benefit from compelling growth prospects allowing us to realize the potential of our flagship Lamaque property and to become a mid-tier gold producer.
White Tiger Gold, formerly SL Resources Inc., operates the Savkino Project and the Nasedkino Project in eastern Russia.