Royal Gold (RGL-T, RGLD-Q) has made a friendly takeover bid for small royalty and exploration company Battle Mountain Gold Exploration (BMGX-O).
Royal is offering 1.57 million shares for the 72 million outstanding shares and warrants of Battle Mountain, a ratio of 2.2 Royal Gold shares for 100 Battle Mountain shares. The bid effectively values Battle Mountain at US68 per share or US$49 million.
Battle Mountain brings in a portfolio of 13 precious metal royalties in the United States, Canada, Colombia, Mexico and Nicaragua. It also holds its own exploration properties in Nevada.
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