11:48 AM EDT, 04/07/2025 (MT Newswires) -- (Adds comment and updates shares.)

Wesdome Gold Mines ( WDOFF ) said Monday it signed a definitive agreement to acquire the remaining shares in Angus Gold ( ANGVF ) that it does not already own.

Wesdome said the transaction quadruples its land position at the Eagle River mine in Ontario, consolidating two adjacent properties into one contiguous strategic land package spanning 400 square kilometers.

"This is a highly logical and strategic tuck-in transaction that brings together a contiguous land package between the Eagle River mine and mill, enhancing our ability to unlock value through the drill bit," said chief executive Anthea Bath.

Under the terms, Wesdome will acquire the shares $0.62 cash plus 0.0096 of a Wesdome share, representing an aggregate value of $0.77 per Angus common share. The enterprise value to Wesdome, net of Angus's cash, is about $40 million.

The offer represents a 59% premium to Angus' 20-day volume-weighted average price, Wesdome said.

Wesdome currently owns a 10.4% stake of Angus' basic common shares outstanding and 14.9% on a partially diluted basis.

The Angus board unanimously recommends that shareholders approve the deal. Closing is expected in the second quarter.

National Bank of Canada maintained its outperform rating and $27.75 price target on Wesdome's shares following the news.

According to the bank, the transaction expands Wesdome's greenfield land package, provides exploration synergies with Angus' Golden Sky project, and lends endorsement of Eagle mine.

Wesdome shares were last seen down $0.25 to $15.40 on the Toronto Stock Exchange.

Price: 15.61, Change: -0.04, Percent Change: -0.26