Wesdome (T.WDO) to acquire remaining 42.4% Moss Lake stake

Wesdome Gold Mines Ltd. and Moss Lake Gold Mines Ltd. said Friday they have entered into a business combination agreement.

Under the deal, Wesdome will acquire all the issued and outstanding shares of Moss Lake that it doesn’t already own.
Wesdome currently owns 26.7 million shares of Moss Lake, or 57.6% of the company, Wesdome said in a press release.

Wesdome shares rose 2.7% to 76 cents, leaving a market cap of $80.4 million, based on 105.8 million shares outstanding. The 52-week range is 94 cents and 31.5 cents.

Moss Lake shares were unchanged at 13.5 cents, leaving a market cap of $6.4 million, based on 47 million shares outstanding. The 52-week range is 18 cents and 5.5 cents.