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Virtus Mining closes Aldridge Minerals acquisition

Virtus Mining Ltd. said Dec. 20 that it acquired the remaining 56.4% stake in Aldridge Minerals Inc.

The company purchased 78,181,161 Aldridge shares for 10 Canadian cents apiece, totaling about C$7.8 million. Virtus held 62,278,053 Aldridge shares prior to the closing of the arrangement.

In September, Virtus agreed to acquire all of the issued and outstanding shares of Aldridge that it did not already own at a 25.5% premium to the company's share price.