Resource News

Medoro to acquire Colombia Gold

 

Medoro Resources Ltd. (MRS-X 0.50 0.02 4.17%) will acquire Colombia Gold PLC in a stock deal that will help consolidate most of the mining rights in the Marmato region of Colombia.

Under a friendly deal, Medoro will exchange about 33 million common shares, currently worth about $16.7-million and representing about 14 per cent of Medoro’s currently outstanding stock, for Colombia Gold.

Medoro will also assume up to $2.8-million of Colombia Gold’s debt when the deal closes in mid-January.

Colombia Gold has the rights to the Echandia concession in the Marmato region.

Medoro previously bought Colombia Goldfields Ltd., which owns the Zona Alta of Marmato, and has a preliminary letter of intent to buy Mineros Nacionales SA, which owns the Zona Baja at Marmato, from Minero SA…read more at The Globe And Mail

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