The Argonaut Gold transaction is expected to be finalised in mid-July. Credit: New Africa/Shutterstock.

Argonaut Gold has obtained the final regulatory and court approvals for its acquisition by Alamos Gold.

The approvals include a clearance decision from the COFECE and a final order from the Ontario Superior Court of Justice.

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The transaction is expected to be finalised in mid-July.

The arrangement, first agreed upon in March 2024 and amended in May, will see Alamos Gold acquire all issued and outstanding common shares of Argonaut.

This court-approved plan of arrangement under the Business Corporations Act (Ontario) also involves the creation of a new entity, Florida Canyon Gold (SpinCo), to hold Argonaut’s interests in its US and Mexican assets.

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Shareholders of Argonaut are set to receive 0.0185 of a Class A common share of Alamos and 0.1 of a common share of SpinCo for each share held.

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The completion of the arrangement is also contingent upon approval from the TSX Venture Exchange for the listing of SpinCo’s shares.

Additionally, O3 Mining has agreed to sell its entire interest in the Matachewan and Wydee Properties to Alamos Gold for a cash consideration of C$3.5m ($2.57m).

Despite the sale, O3 Mining will retain a 1% net smelter returns royalty on all future metal production from the two properties.

O3 Mining president and CEO José Vizquerra said: “As we focus our efforts on the development of our flagship Marban Alliance project, the sale of the Matachewan and Wydee properties aligns with our strategic goal of optimising our asset portfolio.

“This transaction allows us to reallocate resources and advance Marban Alliance, which holds significant potential for growth and value creation for our shareholders.

“We are pleased to work with Alamos Gold on this transaction and believe that its acquisition of Wydee and Matachewan will fit well into its portfolio as the two properties are located just 10km distance from the Young-Davidson mine.”