The consideration represents a 46% premium over the closing price of the Battle North common shares on the Toronto Stock Exchange on March 12 and a 54% premium based on the volume- weighted average price of the Battle North common shares over the last 20 trading days. “The all-cash offer is at a signifi- cant premium to market and reflects the extraordinary efforts of the Battle North team to create value at the Bateman Gold Project and ultimately deliver an outstanding outcome for Battle North’s shareholders,” Battle North President and CEO and Director George Ogilvie said. “We believe that there are unique and undeniable merits to combining the Red Lake assets of Battle North and Evolution and this transaction reduces development and execution risk.”

Evolution owns Red Lake, which includes Red Lake, Campbell and Cochenour mines. Executive Chairman Jake Klein said the acquisition provides Evolution with the opportunity to expand its footprint by leveraging the infrastructure of the two operations. Klein said this was an ideal window to consolidate the properties ahead of the construction of the Bateman mine, which is now in its early stages.

The additional processing capacity from the new Bateman mill will also accelerate the company’s ability to achieve the objective of producing in excess of 300,000 ounces of gold per year from Red Lake, Klein said. Subject to the conditions being met, the transaction is expected to close in the second calendar quarter of 2021.