Canada's Fortuna & Chesser agree to $59.2 mln acquisition deal

Fortuna Silver Mines Inc., a Canadian precious metals mining company, intends to buy Chesser Resources Ltd, an Australian gold exploration company, via a binding scheme implementation deed.

As per the transaction, Fortuna will acquire all fully paid ordinary shares in Chesser, subject to various terms, at roughly 89 million Australian dollars ($59.2 million), on a fully diluted basis.

Moreso, the scheme is recommended by the Chesser board and is subject to approval by shareholders at a scheme meeting expected to be held in August 2023.

Besides, the acquisition is aligned with Fortuna’s strategy to convey high-value exploration and development opportunities in regions where it is established.