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Yesterday shares in Adamus Resources Limited (ASX:ADU) jumped after the emerging gold producer said it had inked a merger deal with a Canadian company.
Adamus and Toronto Stock Exchange-listed Endeavour Mining Corporation (TSE:EDV) have agreed to an all-scrip merger of equals.
Under the deal Endeavour has offered 0.285 of its shares for every Adamus share, valuing the company at around $305 million.
Both companies are targeting gold production of 172,000 ounces this year and are focussed on securing more gold acquisitions in West Africa.
Shares in Adamus jumped 9.23 per cent yesterday, ending the day at $0.71.
In the six months to 31 December 2010, Adamus Resources booked a loss of $56.6 million.
