Eldorado Gold Acquired Minority Stake in Probe Metals Inc.

SEATTLE (Scrap Monster): Vancouver, B.C.-based Eldorado Gold Corporation announced that it has purchased 11.5% stake in Quebec-based Probe Metals Inc. The shares were acquired pursuant to a private transaction. The acquisition is in line with the company’s strategy to focus more on domestic market.

According to company press release, the transaction comprised purchase of 15,041,746 common shares of the company at a price of $1.575 per share, for a total deal value of C$23.7 million. With this, Eldorado Gold has increased its footprints and landholdings in the area by around 550%. The company may increase or offload its beneficial ownership stake in Probe Metals in future, depending on market conditions and other investment and business opportunities, it said.

ALSO READ:

Eldorado Gold Invests $105 Million on New Acquisition

Eldorado Gold Completed Acquisition of Canada-based Resource Company

Earlier in the year, the company had purchased all of the shares of QMX Gold Corp. in a deal worth C$132 million. The deal has resulted in major expansion of its footprints in the Abitibi Greenstone Belt and added a pipeline of opportunities near its Lamaque gold mine.

The company had recently announced preliminary gold production of 116,066 ounces in Q2 2021, with Lamaque mine producing 35,643 ounces of gold.