Equinox-Leagold merger approved

Ross Beaty's Equinox Gold and Frank Giustra's Leagold merge to create $1.7 billion gold mining company

Vancouver mining mogul Ross Beaty got back into the gold mining business in 2015, and has built a company that now has six operating gold mines. | BIV archives

Shareholders with Ross Beatty’s Equinox Gold (TSX: EQX) and Frank Guustra’s Leagold (TSX:LMC) have approved a merger announced in December.

The merger will create a gold mining company with a market cap of about $1.7 billion.

Equinox currently has two gold mines in operation; Leagold has four. But Equinox has one other mine under construction, which is expected to go into operation later this year.

Beatty, who is chairman of Equinox, will remain as chairman of the newly merged company. As part of the deal, Leagold shareholders will receive a one-third share of Equinox.

Shareholders for both companies approved the merger at shareholders meetings January 28.

For more information the company’s plans, see BIV’s coverage of the plan that was announced in December.