AuRico Metals has closed on the previously announced plan to acquire the outstanding share of Kiska Metals Corp. that it did not already own. Kiska is now a wholly owned subsidiary of AuRico. Kiska's royalty portfolio consists of six existing royalties including royalties on the East Timmins and Boulevard properties operated by Kirkland Lake Gold and Independence Gold, respectively. In addition, Kiska’s six wholly owned exploration projects present organic royalty creation opportunities. All assets are located in North America and are expected to further enhance AuRico’s existing high quality royalty pipeline.
“We are very pleased to close this accretive transaction which further broadens our royalty portfolio pipeline in North America and preserves our strong balance sheet,” said Chris Richter, president and CEO, AuRico Metals. “With a well-diversified portfolio of royalties in place and several key upcoming catalysts expected at Kemess in the near-term, we remain very well positioned for an exciting year ahead.”
With the acquisition of Kiska, AuRico now has a portfolio consisting of 17 royalties.