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Tuesday, April 27, 2010

Kinross Gold (TSE:K) Acquires Underworld Resources (CDNX:UW.V)

Kinross Gold (TSE:K)(NYSE:KGC) announced it has finished its pursuit of Underworld Resources (CDNX:UW.V) by acquiring the junior gold mining company.

Terms of the takeover are 0.141 of each Kinross common share and C$0.01 in cash for each common share of underworld.

The offer values Underworld at C$139.2 million.

Kinross will issue 5.5 million common shares to complete the transaction.

The major asset held by Underworld is their White Gold project in the Tintina gold region.

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