Australia: Middletons advises CGA Mining Limited on a deal worth its weight in gold (C$1.1 billion)
Last Updated: 27 September 2012

Middletons is advising CGA Mining Limited on a merger with Canadian gold and silver miner B2Gold Corp worth C$1.1 billion (US$966 million). Their combined market capitalisation will be in the vicinity of C$2.9 billion.

CGA is a major player in the Philippines operating the largest gold project in the country, the Masbate Gold Project. CGA is listed on the Australian Securities Exchange and on the Toronto Stock Exchange. Middletons has acted for CGA for many years.

B2Gold Corp. is a Vancouver based gold producer with two mines in Nicaragua and a strong portfolio of development and exploration assets in Nicaragua, Colombia, Uruguay and Namibia. B2Gold trades on the Toronto Stock Exchange and on the Namibian Stock Exchange.

Middletons lead partner on the transaction, Simon Salter said, "The merger serves the interests of both companies' growth aspirations and that of their shareholders."

Mr Salter said, "CGA shareholders will receive 0.74 B2Gold shares for each existing CGA share held. The merger with B2Gold will be conducted by way of an Australian scheme of arrangement requiring shareholder and court approval."

Middletons other partner on the deal, Adam Levine said, "B2Gold and CGA Mining together will create a growth-oriented mid tier gold producer on a global scale. Production and development assets will span three continents and located in high-growth emerging economies, serving to mitigate collective operational and geopolitical risk."

Mr Levine added, "Upon completion of the merger, existing B2Gold shareholders and CGA shareholders will own approximately 62% and 38%, respectively, of the issued shares of the combined company. Completion of the transaction is expected early next year."

Middletons consultant, Clare Power also acted on the deal.

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