By Anthony O. Goriainoff

 

Shanta Gold Ltd. said it expects to complete the acquisition of Acacia Exploration Ltd. from Barrick Gold Corp on Wednesday.

The London-listed, East Africa-focused gold producer said that closing of the transaction is conditional on admission to AIM of 54.7 million consideration shares.

The company said in February it was acquiring Acacia Exploration, a Kenya-based company that has a 100% participating interest in licenses held by AfriOre Ltd., which includes an existing high-grade resource.

The company said at the time that Barrick Gold would become its fifth largest shareholder with a 6.4% interest.

Shares at 0730 GMT were down 0.37 pence, or 2.2%, at 16.88 pence.

 

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

 

(END) Dow Jones Newswires

August 19, 2020 03:49 ET (07:49 GMT)

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