Teranga Gold (TSX: T.TGZ, Stock Forum) Monday said it intends to make an offer to acquire all of the outstanding common shares of Oromin Explorations (TSX: T.OLE, Stock Forum) that it does not already own, this according to a company news release.
Oromin shareholders would receive 0.582 of a Teranga share for each Oromin share held.
Teranga currently owns 18,699,500 Oromin shares, representing approximately 13.6% of its outstanding stock.
Oromin has a 43.5% interest in the OJVG, which owns a mining license adjacent to Teranga's operating Sabodala gold mine in Senegal.