Troy, Azimuth to merge, focus on Guyana gold project

Azimuth Resources, a Guyana-focused explorer, said early on Thursday (Eastern Standard Time) that its board had recommended an all-share offer of A$0.44 a share by junior gold producer Troy Resources.

The bid, a 62 percent premium over Azimuth’s shareprice in the past few months, values Azimuth at A$188 million and, if consummated, would leave Azimuth shareholders with a 45-percent stake in the combined company.

In a conference call following the announcement management on both sides reasoned the deal was a “win-win”.


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