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Klondex Mines moves to acquire Bison Gold

Junior-tier gold and silver miner Klondex Mines Ltd. entered a definitive arrangement agreement to acquire all of the issued and outstanding common shares of Manitoba-focused Bison Gold Resources Inc.

The company can choose to offer 59 Canadian cents in cash for each Bison share, or issue shares or a combination of cash and shares for the acquisition.

The 59 cents apiece price represents a 131% premium to the last closing price of Bison's common shares on the TSX Venture Exchange as of Aug. 2.

All of the directors and officers of Bison, as well shareholders with an approximately 16.7% stake in the company, have agreed to vote in favor of the agreement, according to the Aug. 8 release.

The arrangement is subject to court, shareholder and exchange approvals, and a special meeting of Bison shareholders is expected to be held in late September or early October.