Eldorado Gold (TSE:ELD) Acquiring Brazauro Resources (TSEV:BZO)

Eldorado Gold (TSE:ELD) announced today it will acquire Brazauro Resources (TSEV:BZO) for about $122.4 million, in a straight stock sharing deal.

The major property Eldorado is getting in the deal is the Tocantinzinho Project in Tapajos, Brazil, which they will get full control over.

Other exploration projects involved are Agua Branca and Piranhas, which are nearby the Tocantinzinho Project.

At this time the Tocantinzinho Project has a measured and indicated resource of 1.9 million ounces of gold.

Eldorado offered 0.0675 of one share for each share of Brazauro. That is a hefty 76 percent premium over its Tuesday closing price.