Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

ASCOT RESOURCES LTD. (AOT)
My previous session
Most popular
End-of-day quote. End-of-day quote  - 01/17
1.01 CAD   0.00%
SummaryQuotesChartsNewsCompany 
News SummaryMost relevantAll newsOfficial PublicationsSector news

Ascot Resources : enters agreement to acquire IDM Mining

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/12/2019 | 03:45am EST

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. 0.00% 1.01 Delayed Quote.-23.48%
IDM MINING LTD 0.00% 0.06 Delayed Quote.0.00%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ASCOT RESOURCES LTD.
01/12ASCOT RESOURCES : enters agreement to acquire IDM Mining
AQ
01/07IDM MINING : IIROC Trading Resumption - AOT; IDM
AQ
01/07IDM MINING : Ascot Resources to Acquire IDM Mining to Create a Leading Gold Deve..
AQ
01/07ASCOT RESOURCES : IIROC Trading Halt - AOT
AQ
2018ASCOT RESOURCES : Bureau of Land Management Issues Positive Final Decision Recor..
AQ
2018ASCOT RESOURCES : Bureau of Land Management Issues Positive Final Decision Recor..
AQ
2018ASCOT RESOURCES : Significantly Increases High-Grade Gold Resources at its Premi..
AQ
2018ASCOT RESOURCES : Metallurgical Test Work Indicates Very High Gold Recoveries at..
AQ
2018ASCOT RESOURCES : Metallurgical Test Work Indicates Very High Gold Recoveries at..
AQ
2018ASCOT RESOURCES : Induced Polarization ("IP") Geophysical Survey Identifies Mult..
AQ
More news
Chart ASCOT RESOURCES LTD.
Duration : Period :
Ascot Resources Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
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
Sector and Competitors
1st jan.Capitalization (M$)
ASCOT RESOURCES LTD.-23.48%0
BHP GROUP LTD-3.80%113 214
BHP GROUP PLC-3.31%113 214
RIO TINTO3.99%84 878
RIO TINTO LIMITED1.49%84 878
ANGLO AMERICAN2.07%32 227