Shares of Calvista Gold Corp. shot up more than 55 per cent in heavy trading Friday after announcing plans for a takeover of the company by private interests.
Toronto's Calvista says AUX Acquisition 3 S.A.R.L. and 2346408 Ontario Inc., collectively AUX, have agreed to buy the company for $1.10 per share in cash. The company has some 53.7 million shares outstanding.
That would be a 62 per cent premium to the company's closing share price Thursday and a 100 per cent premium to its 10-day volume-weighted average. The deal is to close by Dec. 31.
On the Toronto Stock Exchange, Calvista shares closed up 39 cents, or 57.35 per cent, at $1.07 as more than 4.1 million shares changed hands, making it one of the most active issue on Toronto's main board.
To date, shareholders representing more than 26 per cent of the company's issued and outstanding common shares have entered into lock-up agreements and agreed to vote in favour of the arrangement.
