White Tiger Gold Ltd is all set to acquire the Century Mining Corporation after having received approvals from shareholders of both companies involved on Tuesday. Almost 100% votes were cast in favor of the deal by shareholders of White Tiger Gold, while close to 84% of votes cast by Century Mining shareholders were also in favor of the deal.
The share swap arrangement will make Century Mining a wholly owned subsidiary of White Tiger Gold. It will be traded on the Toronto Stock Exchange and will operate primarily in Russia. As of now Century Mining has gold projects in Canada, The United States and Peru.
Daniel Major, president and CEO of Century Mining said that the business combination will give Century the opportunity to become a part of a larger, more diversified gold mining company with multiple properties in various stages of production and development in Canada, Russia, and Peru.
Mr Major said that the combined company is expected to benefit from compelling growth prospects allowing us to realize the potential of our flagship Lamaque property and to become a mid-tier gold producer.
Dr. Geoffrey Cowley, Chief Executive Officer of White Tiger said that the Business Combination will allow us to build not only a diversified portfolio of mines and projects with both underground and open pit operations and a robust pipeline of projects offering potential long-term gold production growth through existing assets.
White Tiger Gold was previously called SL Resources Inc and currently operates the Savkino and the Nasedkino gold projects in eastern Russia.