12:02 PM EDT, 10/28/2024 (MT Newswires) -- Minera Alamos ( MAIFF ) said Monday that it will acquire Sabre Gold Mines ( SGLDF ) in an all-shares transaction to gain control of the past-producing Copperstone mine in Arizona.

Each Sabre Gold will be acquired and exchanged for 0.693 Minera Alamos ( MAIFF ) shares. Current Minera Alamos ( MAIFF ) and Sabre Gold shareholders will own 86% and 14% of Minera Alamos ( MAIFF ), respectively, following the acquisition.

Copperstone operated from 1987 to 1993, producing 514,000 ounces of gold. Permits for a restart of the mine are in place.

"The Copperstone project is an ideal addition to our portfolio of low capex, late-stage development projects. The site has significant infrastructure and permits in place which will allow our technical group to quickly advance the project into production," Minera chief executive Darren Koningen said in a statement.

The transaction is expected to close early next year.

Minera Alamos ( MAIFF ) was last seen down $0.005 to $0.385 on the TSX Venture Exchange, while Sabre Gold mines ( SGLDF ) was up $0.11 to $0.235 on the Toronto Stock Exchange.

Price: 0.39, Change: -0.01, Percent Change: -1.28