Business
Brazil Resources Completes Acquisition of Brazilian Gold Corporation
Highlights Brazil Resources has acquired 100% of the outstanding Brazilian Gold Co...
About this update from Goldmining Inc.
[{"type":"text","content":"\n\n\nHighlights\n\n\nBrazil Resources has acquired 100% of the outstanding Brazilian Gold\n Corporation (BGC) shares, for consideration consisting of 0.172 Brazil\n Resources shares for each BGC share;\n\n\nTotal consideration under the transaction was approximately $13.5\n million; and\n\n\nThe acquisition significantly expands Brazil Resources' footprint in\n Brazil, including the addition of BGC's flagship São Jorge Project.\n\nVANCOUVER, Nov. 22, 2013 /CNW/ - Brazil Resources Inc. (\"Brazil\n Resources\" or the \"Company\") (TSX-V: BRI; OTCQX: BRIZF) is pleased to\n announce the completion of its acquisition of Brazilian Gold\n Corporation (\"BGC\") (TSX-V: BGC) pursuant to the previously announced\n plan of arrangement between the parties (the \"Arrangement\"). The\n Arrangement was approved by shareholders of BGC on November 20, 2013\n and the Supreme Court of British Columbia on November 21, 2013. Under\n the Arrangement, the Company acquired all of the 103,608,796 issued and\n outstanding common shares of BGC (the \"BGC Shares\") for consideration\n consisting of 0.172 common shares of Brazil Resources (the \"BRI\n Shares\") per BGC Share. Total consideration under the transaction was\n approximately $13.5 million.\n\n\nAmir Adnani, Chairman of Brazil Resources, stated: \"The directors and\n management of Brazil Resources are very pleased to announce the\n completion of this transaction. The acquisition of BGC has expanded our\n project base in the region and represents a significant milestone in\n our strategy to build shareholder value through targeted accretive\n acquisitions. On behalf of the Company, we welcome BGC's shareholders\n and look forward to progressing the combined companies' projects.\"\n\n\nAs previously disclosed, BGC's directors and senior officers have\n entered into lock-up agreements with Brazil Resources respecting BRI\n Shares received in exchange for their BGC Shares under the Arrangement.\n\n\nBrazil Resources has significantly expanded its project base in Brazil\n as a result of acquiring BGC and its projects, which include, among\n others, the following projects.\n\n\nSão Jorge Project\n\n\nThe São Jorge Gold Project, located 82km north from the city of Novo\n Progresso and 30km south of Morais de Almeida, is accessible by the\n mostly paved highway BR 163, whic...