GFG Resources (TSX-V:GFG) announced today that it has completed the acquisition of Rapier Gold.
In a press release, the company explained that the buy-out was an integral part of its plans to consolidate a piece of land west of the gold mining district of Timmins, Ontario. With this addition, GFG now controls 565 square kilometres of gold assets in the eastern Canadian province.
The consolidated land, which will be known as the Pen Gold Project, includes the Pen Gold Project (Rapier Gold), the West Porcupine Property (Probe Metals) and the Swayze Project (Osisko Mining).
"Our recent land consolidation in Ontario leverages our skill set and complements our strategy to control district-scale gold projects that are highly prospective and located in tier one mining jurisdictions. We are excited about the discovery potential within this gold belt and will immediately begin to aggressively advance and explore our new 565 km2 land package," GFG's President and CEO, Brian Skanderbeg, wrote in the statement.
Skanderbeg said that exploration plans will be revealed in coming weeks.
In the meantime, all of Rapier's issued and outstanding common shares are being exchanged on the basis of 0.15 of a GFG common share for each one Rapier common share. The firm's common shares are expected to be delisted from the TSX Venture Exchange on February 28, 2018.