McEwen Mining to buy Lexam VG

Precious metals miner McEwen Mining will acquire Lexam VG Gold under a plan of arrangement in an all-scrip deal valued at about $54-million. McEwen Mining will pay a 30% premium to Lexam shareholders based on the TSX-listed stock’s 30-day volume weighted average price on Friday. The acquisition will add several advanced exploration projects in the prolific gold camp of Timmins, Ontario, to McEwen Mining's assets.