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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Ascot Resources Ltd.    AOT   CA04364G1063

ASCOT RESOURCES LTD.

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Ascot Resources : enters agreement to acquire IDM Mining

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01/12/2019 | 03:45am EDT

Ascot Resources (CVE: AOT) announced this week that it has entered into a definitive arrangement to acquire all of the issued and outstanding common shares of IDM Mining.

In a press release, the Vancouver-based miner said that the goal behind the proposed acquisition is to create a prominent BC gold exploration/development company.

"The pro forma company would own two advance-stage high-grade gold projects in the Gold Triangle in British Columbia, a district which has garnered significant attention due to the commencement of production at Pretiums Brucejack deposit and the discovery of high-grade porphyry-style copper-gold mineralization at GT Golds Saddle North project last year," Ascot management said in the media brief.

According to the miner, the combination of IDM and Ascot would consolidate a global resource base of almost 3 million ounces with an average grade of 7.4 g/t gold.

Among other properties, the new company would be in charge of IDMs Red Mountain project, which comprises a 170-square-kilometre concession located 15 kilometres north of the township of Stewart, with 180,529 metres drilled largely from underground and an updated feasibility study expected in H1/2019.

Around the same area, Ascot purchased the Silver Coin property, which comprises 8,039 hectares.

"Upon closing, the companies will have further consolidated two, 15+ km long early-Jurassic geological trends totaling 25,000 hectares, which host multiple advanced deposits with significant potential new high-grade gold discoveries located 25 kms from each other," the media statement reads.

If the buyout moves forward, IDM shareholders would receive 0.0675 of a common share of Ascot for each IDM share held equating to approximately C$0.086 per share and a premium of ~54% to IDM shareholders based on the trailing 20-day volume weighted average price of each company. In parallel, IDM shareholders would hold approximately 16.7% of Ascot shares on an outstanding basis.

(c) The Observer 2019 Observer Media Ltd. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
ASCOT RESOURCES LTD. -1.37% 0.72 Delayed Quote.-44.70%
IDM MINING LTD 0.00% 0.06 Delayed Quote.0.00%
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Managers
NameTitle
Derek Christopher White President & Chief Executive Officer
Richard N. Zimmer Non-Executive Chairman
John Gerard Kiernan Chief Operating Officer
Carol Li Chief Financial Officer
Kenneth M. Carter Independent Director
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