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Alio Gold closes Rye Patch acquisition

Alio Gold Inc. completed its previously agreed acquisition of Rye Patch Gold Corp. under a deal valued at C$128 million, the companies said May 25.

Rye Patch shareholders received 0.48 of an Alio Gold share and 0.1 cent in cash for each share held.

Former Rye Patch COO Doug Jones joined Alio Gold in the same role. In addition, Alio Gold added former Rye Patch directors Tim Baker and John Mansanti to its board.

Rye Patch shares are expected to be delisted from the TSX Venture Exchange May 30.

The companies said earlier that the combined entity will produce 165,000 ounces of gold this year.