Citigold Offers to Acquire All Shares of Gateway Mining
By Shaji Mathew
Aug. 18 (Bloomberg) -- Citigold Corp., an Australian gold miner, offered to acquire all shares of Gateway Mining Ltd. to create a combined entity with $159 million in market capitalization.
Citigold will offer two of its shares for every five of Gateway Mining shares, according to a statement posted on Nasdaq Dubai Web site. The offer opens on Sept. 1 and closes on Oct. 2.
“Citigold has embarked upon this course to create a strategic mid-cap mining company that it believes will accelerate growth of value for shareholders of both companies,” according to the statement. Citigold currently owns 14 percent of Gateway Mining.
Last Updated: August 18, 2009 03:57 EDT
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