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GFG Resources closes Rapier Gold acquisition

GFG Resources Inc. closed its acquisition of Rapier Gold Inc., according to a Feb. 28 release.

GFG offered 0.15 of a common share for each Rapier share.

GFG now has 87,202,697 shares outstanding, about 17% of which will be held by former Rapier shareholders.

Rapier shares are expected to be delisted from the TSX Venture Exchange, effective Feb. 28.

The transaction saw the consolidation of GFG's land package within Timmins, Ontario, giving the company control over approximately 700 square kilometers of gold-prospective assets in Wyoming and Ontario.

The company said it plans to "aggressively advance and explore" the land package.