Northern Star Resources (ASX:NST) signed a deal to acquire De Grey Mining (ASX:DEG) via a scheme of arrangement, according to a Monday filing with the Australian bourse.
As per the deal, shareholders will receive 0.119 Northern Star shares per one De Grey share held, implying a valuation of AU$5 billion, the filing said.
The acquisition will provide Northern Star access to De Grey's Hemi gold project, which could potentially become a tier-1 low-cost gold production center, the filing added.
Northern Star Resources' shares were down almost 5% in recent Monday trade. De Grey Mining's shares surged past 28% and earlier hit a new 52-week high.
Price (AUD): $16.69, Change: $-0.82, Percent Change: -4.68%
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