September 26, 2011 / 12:57 PM / 7 years ago

UPDATE 1-Detour Gold to buy Trade Winds for C$84 mln

TORONTO, Sept 26 (Reuters) - Detour Gold (DGC.TO) said on Monday it has agreed to acquire rival exploration company Trade Winds Ventures TWD.V for C$84 million, in a move aimed at consolidating its land holdings around its Detour Lake gold project in northern Ontario.

“By acquiring Trade Winds, we are able to more effectively continue our exploration activities on the west side of the Detour Lake Project,” said Detour’s Chief Executive Gerald Panneton, in a statement.

Under the terms of the deal, Trade Winds shareholders will receive 0.0142 of a Detour Gold share and C$0.0001 in cash for each share held. Based on Detour’s share price on Sept. 23 this represents a total consideration of C$0.455 per Trade Winds share, a premium of 57 percent to Trade Winds’ closing price on Sept. 23. (Reporting by Euan Rocha)

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