Canadian miner buys gold, silver specialist

Photo: Excellon Resources

Canada's Excellon Resources has entered into an agreement to take over gold and silver miner Otis Gold.

“The combined company will be a well-financed precious metals producer with established silver production in Mexico and an attractive gold devel-opment project in the United States. The transaction is an initial step in Excellon becoming a larger multi-asset precious metals company,” Excel-lon Resources said. “The combined company will be well financed with US$10 million in cash and available funds and is expected to have a mar-ket capitalization of approximately C$124 million”.

Excellon Resources is Mexico's highest-grade silver producer, and oper-ates projects in Mexico and Germany. The acquisition would allow the company to expand its scope of activities by acquiring assets in the U.S.

The deal is expected to be closed in April 2020, according to data from the Canadian business.