Ventana Gold (TSE:VEN) Soars Over 38 Percent on Buyout Offer

The leading shareholder in Ventana Gold (TSE:VEN) made an offer to acquire the company, pushing the stock up by over 38 percent on Wednesday.

The offer from EBX values Ventana at close to $1.47 billion. EBX is owned by Brazilian billionaire Eike Batista.

EBX owns its current stake 20 percent stake in Ventana via its subsidiary 63X Master Fund. They hold almost 21 million shares of Ventana at this time.

Production estimates for the flagship project, La Bodega, based in Colombia, is 347,000 gold equivalent ounces annually at a cash cost of $322 an ounce.

Ventana closed Wednesday at $13.90, surging $3.87, or 38.58 percent.