08:00 AM EDT, 10/28/2024 (MT Newswires) -- Aura Minerals ( ORAAF ) on Monday said it will buy Bluestone Resources ( BBSRF ) , which owns the Cerro Blanco gold project and the adjacent Mita geothermal project in Guatemala, in a deal valued at up to US$74.3 million.

Under the terms, Bluestone shareholders will receive either a cash payment of $0.287 for each share held, 0.0179 of an Aura share, or a combination of both.

The consideration valued Bluestone at $0.50 per Bluestone Share, representing a 51% premium to its share spot price and a 40% premium to its 25-day volume weighted average price.

Bluestone shareholders will also receive a contingent value right providing its holder to receive a cash payment of up to an aggregate amount of $0.2120 for each Bluestone share held.

"Cerro Blanco stands as a world-class deposit that has encountered both social and institutional hurdles," Aura CEO Rodrigo Barbosa said. "We are confident that, along the next few years, by integrating it with Aura's 360 vision, we can refine our strategic approach to make Cerro Blanco another flagship project that exemplifies the utmost respect for social and environmental responsibilities while delivering value to all stakeholders."

The transaction was unanimously approved by Bluestone and Aura's respective boards.