Australian gold producer St Barbara Ltd. agreed to pay C$722 million ($536 million) to acquire Atlantic Gold Corp., adding a mine in Canada as the sector’s wave of consolidation continues.
St Barbara offered C$2.90 a share for Vancouver-based Atlantic Gold, about a 40% premium to Tuesday’s close, and will fund the deal from cash reserves and by raising about A$490 million ($340 million) in a share sale to existing holders, according to a statement Wednesday. Atlantic said its board has unanimously approved the deal.
