11:31 AM EDT, 08/09/2024 (MT Newswires) -- Harfang Exploration ( HRFEF ) on Friday said it agreed to acquire NewOrigin Gold ( TROIF ) in an all-share transaction that values the company at $1.44 million.

Harfang is offering 0.25694426 of a share for each NewOrigin share, a value of $0.0229 per share based on Harfang's 10-day weighted-average share price. Based on the exchange ratio, it is expected that NewOrigin shareholders will own 20% of Harfang shares.

The acquisition will allow Harfang to consolidate the Casa Berardi trend assets in northwestern Ontario. Harfang's Blakelock project and NewOrigin's North Abitibi project combined will result in an asset with a consolidated area of over 11,000 hectares over a 25km strike length.

Harfang shares were last seen unchanged at $0.10 on the TSX Venture Exchange, while NewOrigin shares were unchanged at $0.02.