Avocet Offers To Acquire Wega Mining for 81M EUR

Avocet Mining,the UK gold mining company, launched an offer to acquire Wega Mining, the Norwegian gold mining company, for 81 million EUR. The acquisition provides Avocet with the opportunity to increase its production and resources and enter into West Africa. The acquisition will provide the required funding to complete Wega's Insta Gold project. The transaction is expected to close in June 2009. First Securities, JPMorgan Cazenove, and Ambrian Partners advised Avocet; while Pareto and Arctic Securities advised Wega Mining.