Gold miner Caledonia Mining has agreed to acquire Bilboes Gold, the owner of the Bilboes gold project in Zimbabwe, in an all-share deal worth $53.3m.
Under the agreed terms, Caledonia will issue 5.1 million of its shares, representing 28.5% of its fully diluted equity, and a 1% net smelter royalty (NSR) on the project’s revenues from the Bilboes project.
The transaction is subject to several conditions.
Caledonia Mining Corporation plc (LON:CMCL) is a profitable cash generative gold producer with a strong growth profile, Caledonia’s primary asset is the Blanket Mine in Zimbabwe.