Canada’s B2Gold has agreed to purchase 100% of the fully paid ordinary shares in Australian firm Oklo Resources for $64m (A$90m), or 17.25 cents per share.

Under the definitive scheme implementation agreement, each Oklo shareholder will receive 0.0206 of a B2Gold common share and A$0.0525 cash for each share held.

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The Canadian firm will also issue up to 10,754,284 shares for Oklo shareholders upon implementation of the agreement.

This deal will provide B2Gold with an additional 1,405km² area covering highly prospective greenstone belts in Mali, West Africa, including Oklo’s Dandoko Project.

Spanning 34km², the project is located to the east of the prolific Senegal-Mali Shear Zone and surrounded by several gold deposits such as B2Gold’s Fekola gold project.

According to the company’s initial JORC 2012 compliant Mineral Resource Estimate (MRE), the Dandoko Project is estimated to hold resources of 11.3Mt at 1.83g/t gold for 668.5kOz contained gold.

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Oklo owns properties located on a subparallel, north-trending structure east of the prolific Senegal-Mali Shear Zone, 25km from the Fekola Mine.

Oklo managing director Simon Taylor said: “The B2Gold proposal was welcomed by the Oklo directors and comes at an opportune time for Oklo shareholders to crystalise value and de-risk their investment in the company.

“Whilst the Oklo team continues to see significant potential in the Dandoko Project and the region generally, Dandoko is at an inflection point and this transaction removes the risks associated with project development, future capital raisings and other risks faced by a junior gold explorer in a foreign jurisdiction.”

Subject to relevant approvals, the scheme is planned to be implemented in September 2022.