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Oban Mining to Acquire NioGold Mining for $10 Million

Published: January 12, 2016 |

[Click image to enlarge]

[Click image to enlarge]

Oban Mining Corporation will acquire NioGold Mining Corporation for $10 million.

Under the terms of the arrangement agreement, holders of NioGold shares will be entitled to receive 0.4167 common shares of Oban in exchange for each NioGold share held, representing an implied offer price of $0.50 per NioGold Share and a premium of approximately 51.5 percent based on the closing price of Oban Shares on the Toronto Stock Exchange ($1.20) and NioGold Shares on the TSX Venture Exchange ($0.33) on January 8, 2016.

“We are very pleased to announce today’s business combination with NioGold. This transaction provides an excellent opportunity for NioGold and Oban shareholders to combine assets with strong access to capital, and our management groups experience and track record of building valued mining companies. With the successful conclusion of this deal, we will have two development stage projects in Quebec as well as the promising Garrcon and Jonpol deposits in Ontario. Today’s merger with NioGold brings us another step closer to our goal of becoming Canada’s next leading intermediate mining company. The offering is expected to provide Oban with funds to continue to develop our key projects at Windfall Lake and Marban, even as market conditions remain challenging for gold exploration and development companies, and to further explore the projects recently acquired from Northern Gold Mining Inc.,” said John Burzynski, president and chief executive officer of Oban.

“We are very pleased to be joining forces with Oban, which has both strong management and a strong balance sheet that will help move Marban forward. The combination of our teams and projects will be beneficial for the shareholders of both companies,” said John W.W. Hick, chairman of the special committee of NioGold.

To read more details in the company’s press release, CLICK HERE


About Oban Mining
Oban is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Oban owns a 100 percent interest in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec, and also holds a 100 percent undivided interest in a large area of claims in the surrounding Urban Barry area of Québec. In addition, Oban holds properties in the Larder Lake Mining Division located in northeast Ontario, which includes the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. Oban also holds interests and options in a number of additional properties in northern Ontario. Oban is well financed with approximately $65 million in cash, cash equivalents and marketable securities.

To stop by Oban Mining’s website, CLICK HERE


About NioGold Mining
NioGold is a mineral exploration and development company focused on gold. NioGold’s projects are located in the heart of Québec’s prolific Abitibi gold mining district. The Cadillac, Malartic and Val-d’Or mining camps in this district have produced over 45 million ounces of gold since the 1930s and presently encompass six producing gold mines, including the prolific Canadian Malartic mine located adjacent to NioGold’s flagship Marban project. NioGold’s land holdings within the Abitibi presently cover 125 square kilometers and encompass seven former gold producers, notably the Norlartic mine, Kierens mine, Marban mine and Malartic Hygrade mine, which collectively produced 630,000 ounces of gold. NioGold’s experienced and qualified technical team are overseeing the advancement of these projects, targeting expansion of the resource base and reserve definition of the Marban Block project.

To stop by NioGold Mining’s website, CLICK HERE


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