BMO Capital Markets, Scotiabank and CIBC Capital Markets completed the acquisition of a 19.5% stake in Galiano Gold from Gold Fields for CAD151m.

BMO Capital Markets, a private equity, Scotiabank, a Canadian multinational banking and financial services company, and CIBC Capital Markets, an investment banking subsidiary of CIBC, completed the acquisition of a 19.5% stake in Galiano Gold, a gold producer, from Gold Fields, a gold mining firm, for CAD151m. The sale was for investment management purposes. GF Orogen may in the future, at Galiano's election, receive additional Galiano Shares in lieu of cash in satisfaction of a portion of certain deferred acquisition consideration pursuant to the terms of a share purchase agreement dated as of December 20, 2023 between GF Orogen, Galiano and certain of their affiliates, under which Galiano acquired all of Gold Fields' 50% joint venture interest in the Asanko gold mine in Ghana. Depending on any such election being made as well as market conditions, general economic and industry conditions, and trading prices of Galiano's securities, among other factors, the Gold Fields group may increase or decrease its interest in securities of Galiano in the future.