UPDATE: New Gold Still in the Green After Closing Geo Minerals Acquisition
New Gold Inc. (NGD.TO) is still in the green in the afternoon, up almost 1% at $10.51 from yesterday's $10.46 close, after announcing earlier today that it has completed the acquisition of all the shares of Geo Minerals Ltd. (GM.V). The company said all the shares of Geo (including shares issued in the Arrangement in exchange for options and warrants) were acquired for an aggregate cash consideration of $22 million.
Through the acquisition of Geo, New Gold added 15km2 of land immediately to the northwest of the company's Blackwater Project.
NGD shares saw heavy trading today, following the company's announcement, with more than 7.4 million shares traded.
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