Detour Gold Buys Out Trade Winds
The Big Picture:
- Supreme Court approves sale
- Trade Winds shares delisted from TSX
Detour Gold Corporation announced that it has completed its acquisition of Trade Winds by acquiring all of the outstanding shares pursuant to an arrangement under the Business Corporations Act. The transaction was previously approved by the Trade Winds shareholders in accordance with the requirements of the BCBCA, and was subsequently approved by the Supreme Court of British Columbia. It is expected that the common shares of Trade Winds will be delisted from the TSX Venture Exchange at the close of business on or about December 1.
“With the closing of this transaction, in which we acquired the remaining 50% interest in Block A and the 100% Gowest property,” said Gerald Panneton, President and CEO of Detour Gold, “We now have consolidated a contiguous property exceeding 540 square kilometres. This acquisition enables us to execute our organic growth plan more effectively.”
Under the arrangement, each Trade Winds common share has been exchanged for 0.0142 of one Detour Gold common share and $0.0001 in cash.
Posted December 2, 2011