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OceanaGold to Acquire Ausgold in A$776 Million Deal

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OceanaGold (OGC.TO) has agreed to acquire 100% of Ausgold, which owns the Katanning Gold Project in Western Australia, in a transaction with a total equity value of A$776 million, the company said Monday.

Ausgold shareholders stand to receive 0.03365 common shares of OceanaGold for each Ausgold share held, implying a total offer value of A$1.36 per Ausgold share. Ausgold shareholders may also elect to receive the consideration value in cash.

The Ausgold board unanimously recommended that shareholders approve the deal. Ausgold major shareholder Dundee (DC-A.TO), which holds a 7.7% stake, has confirmed that it will vote in favor of the deal.

The deal is scheduled to close in December, subject to shareholder approval and other conditions.

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