Kinross Gold Acquires all of Underworld Resources
Kinross Gold Corp. (TSE:K) announced it has made an offer to acquire the rest of Underworld Resources Inc. (TSEV:UW) for cash and stock, which would value Underworld at $139.2 million.
Currently Kinross has an 8.5 percent stake in the common shares of Underworld Resources, and the offer for the rest of the company includes a small percent of a Kinross share plus a penny in cash.
The most attractive asset held by Underworld is the White Gold project in the Yukon Territory.
Kinross said the offer is a nice premium for Underworld, which recently closed under $2 a share, while the offer values Underworld shares at $2.62, depending on how the share price of Kinross fluctuates.
Kinross Gold Acquires all of Underworld Resources
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