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24/05/2024
Mining News

Sandstorm Gold takes over Mariana Resources

Mariana Resources , the Turkey-focused mining exploration specialist, has agreed to be taken over in a deal that values the business at almost £167mln, representing an 84% premium on last night’s valuation.

Canada-listed Sandstorm Gold, which already owns 7% of the AIM-listed company, is offering its own paper as well as 28.75p per share in cash.

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This values Mariana stock, which closed at 59.01p on Wednesday, at 109.71p, and the company at £166.85mln.

The deal has the backing of the Mariana board. Chairman John Horsburgh said: “The terms of the combination represent a significant and attractive premium to the market price of Mariana shares.”

 

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