Aris Gold eyes best day in four months on GCM Mining buyout
25/07/2022 16:27
** Shares of Canadian miner Aris Gold Corp ARIS.TO surge
as much as 17% to C$1.93, eying their best day in four months
** GCM Mining Corp GCM.TO agrees to buy the ARIS shares it
does not already own at an exchange ratio of 0.5 GCM shares per
ARIS common share urn:newsml:reuters.com:*:nGNX55Q4bk
** GCM set for best day in more than a year after climbing
as much as 10% to C$3.74, its highest level in about a month
** GCM held 44.25% of ARIS as of May 3 - Refinitiv
** ARIS CEO Neil Woodyer will become top boss of combined
company, which will be based in Vancouver
** GCM CEO and CFO will retire from their roles
** Companies estimate general and administrative cost
savings of $10 mln per year
** ARIS up 9.3% this year, up to last close, while GCM has
lost 36.2%
(Reporting by Ruhi Soni in Bengaluru)
((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))