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Thursday, 28th May 2009 (742 views)

Shareholders at StrataGold have backed a planned acquisition by Victoria Gold, the latter company has confirmed.

A special meeting was held over the matter, with those voting representing nearly 96 per cent of StrataGold's shares.

Victoria revealed that they voted in favour, with president and chief executive Chad Williams welcoming the decision.

"The acquisition of StrataGold is an important and positive milestone for Victoria," he said, noting that the move will see gold resources increase from 1.2 million ounces to 4.4 million ounces, "with just 17 per cent equity dilution".

According to Victoria, a key motivation for the acquisition is the fact that StrataGold's Eagle Zone Deposit project in Canada bears geological similarities to an Alaskan site run by Kinross - Victoria's largest shareholder.

Canada-based exploration company Victoria currently has a total of 17 exploration projects underway in Nevada, with 11 of these being wholly owned by the firm.

 

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