VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/24/12 -- Eldorado Gold Corporation ("Eldorado" or the "Company") (TSX:ELD)(NYSE:EGO)(ASX:EAU) and European Goldfields Limited ("European Goldfields") (TSX:EGU)(AIM:EGU) announce that today they completed the previously announced plan of arrangement ("Arrangement") whereby Eldorado acquired all the issued and outstanding securities of European Goldfields.
Under the terms of the Arrangement former European Goldfields shareholders received 0.85 of an Eldorado common share and C$0.0001 in cash for each European Goldfields share. Eldorado issued 157,959,316 common shares pursuant to the Arrangement.
Upon completion of the Arrangement, Paul N. Wright, President and CEO of Eldorado Gold, commented, "We are pleased to have concluded this transaction, which will further enhance Eldorado's position as a low cost, high growth, gold producer. We look forward to the successful integration of Eldorado's new assets in Greece and Romania with our existing mines and projects in the region.