Jubilee Gold Inc. (TSX: V.JUB, Stock Forum) said Wednesday it is planning to amalgamate with Ansil Resources Ltd. and Micon Gold Inc.
Subject to approval by shareholders and the TSX, it is anticipated that the resulting entity will benefit from synergies available in a larger corporation with greater and more varied assets, a larger equity and income base and enhanced opportunities. Together, they will help facilitate the financing of future growth and expansion, Jubilee said in a press release.
The amalgamated entity will operate under the name Jubilee Gold Explorations Ltd. Jubilee owns 10 exploration properties in Ontario and one in New Brunswick. Ansil owns four exploration properties in Ontario, while Micon has six gold properties in Ontario and one base metals exploration property in Quebec.
Jubilee was trading this week at 15 cents, giving the company a market cap of $2.7 million, based on $17.8 million shares outstanding. The 52-week range is 40 cents and 5.5 cents.