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AuRico moves to acquire Kiska Metals

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AuRico moves to acquire Kiska Metals

AuRico Metals Inc. entered into a definitive agreement to acquire all the issued and outstanding securities of Kiska Metals Corp. by way of a statutory plan of arrangement.

Kiska shareholders will receive about 0.0667 of an AuRico common share and 1.6 Canadian cents in cash for each Kiska share held, valuing the total deal at about C$9.6 million. AuRico is expected to issue about 8.2 million shares.

The company will secure Kiska's portfolio of six existing royalties, including royalties on the East Timmins and Boulevard properties, operated by Kirkland Lake Gold and Independence Gold, respectively.

In addition, Kiska owns six exploration projects in North America, according to the Dec. 22 statement.

The two companies also agreed that AuRico will subscribe for 12.9 million Kiska shares at 5.5 cents apiece on a private placement basis for total gross proceeds of C$709,500.