- CMOC to acquire Lumina Gold Corp. (LMGDF, Financial) in a C$581 million all-cash transaction.
- Shareholders to receive a 71% premium to the 20-day VWAP and 41% premium to the April 17, 2025 closing price.
- Transaction expected to close in Q3 2025, subject to approvals.
Lumina Gold Corp. (LMGDF) has announced a definitive agreement to be acquired by CMOC in an all-cash transaction valued at C$581 million. CMOC will purchase all outstanding Lumina shares at a price of C$1.27 per share, marking a 71% premium over Lumina's 20-day volume-weighted average price (VWAP) and a 41% premium compared to the closing price on April 17, 2025.
The transaction includes a US$20 million convertible note financing from CMOC, with an annual interest rate of 6.0%, convertible into shares at C$1.00 each. Shareholders representing 52.3% of Lumina's shares support the deal, which is anticipated to close in Q3 2025, pending shareholder and regulatory approvals.
The Cangrejos project, a gold project developed over a decade, will transition to CMOC's ownership, with CMOC responsible for its ongoing development. The acquisition aligns with Lumina Gold's strategic growth plans while offering immediate liquidity and a significant premium to its shareholders.
