08:05 AM EDT, 04/03/2024 (MT Newswires) -- Probe Gold Inc. ( PROBF ) said Wednesday that it completed the acquisition of the McKenzie Break and Beaufor properties in Quebec for aggregate consideration of $8.5 million from Monarch Mining Corp.

The projects are located near Probe's Novador project.

Under the terms, Probe issued 3,580,902 shares valued at $5.4 million or $1.508 per share. The company also made a cash payment of $3.1 million.

Probe said the transaction increased its landholdings in the Val-d'Or region to 685 square kilometers. It added the acquisition costs of $11.50/oz are comparable to the company's discovery costs at Novador of approximately $10/oz, and "therefore represents a very accretive transaction."