Alamos Gold Completes Acquisition of Richmont Mines
TORONTO, ONTARIO--(Marketwired - Nov. 23, 2017) - Alamos Gold Inc. ("Alamos") (TSX:AGI) (NYSE:AGI) is pleased to announce the completion of the previously announced plan of arrangement (the "Transaction") whereby Alamos acquired all of the issued and outstanding shares of Richmont Mines Inc. ("Richmont") (TSX:RIC) (NYSE:RIC).
Under the terms of the Transaction, all Richmont issued and outstanding common shares were exchanged on the basis of 1.385 Alamos common shares for each Richmont common share (the "Exchange Ratio"). Upon closing, Alamos has approximately 389,059,503 Class A Shares outstanding with Alamos and Richmont shareholders owning approximately 77% and 23% of the pro forma company, respectively. Richmont's common shares will be de-listed from the Toronto Stock Exchange ("TSX") and the New York Stock Exchange ("NYSE") on November 24, 2017, or shortly thereafter.
"With the completion of the acquisition, we have greatly strengthened our asset base, cash flow generation and profitability. Combined with our peer leading growth profile and debt-free balance sheet, we have solidified our positioning as a leading intermediate gold producer and are well positioned to deliver long term shareholder value," said John A. McCluskey, President and Chief Executive Officer of Alamos.
Alamos is a Canadian-based intermediate gold producer with diversified production from four operating mines in North America. This includes the Young-Davidson and Island Gold mines in northern Ontario, Canada and the Mulatos and El Chanate mines in Sonora State, Mexico. Additionally, the Company has a significant portfolio of development stage projects in Canada, Mexico, Turkey, and the United States. Alamos employs more than 1,700 people and is committed to the highest standards of sustainable development. The Company's shares are traded on the TSX and NYSE under the symbol "AGI".