Teranga tables friendly US$63M bid for Gryphon Minerals

VANCOUVER — Teranga Gold (TSX: TGZ; ASX: TGZ) has been aiming to expand its production profile in West Africa, and it found an opportunity in Australia-based Gryphon Minerals (ASX: GRY) and the fully permitted Banfora gold project in southwestern Burkina Faso. On June 19, the companies announced a friendly, all share agreement worth roughly US$63 million. Under terms of the deal, Gryphon investors would receive 0.169 of a share in Teranga on either the Australian or Toronto Stock Exchanges. The offer represents a 45% premium over Gryphon’s 20-day volume weighted average share price at the time of signing. Teranga expects to issue roughly 68 million shares for the acquisition, which is scheduled to close in early October. Read the entire story at www.NorthernMiner.com/news/teranga