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Richmont Mines Inc. (NYSEMKT:RIC) shares were down C$0.03 to C$1.82 on Tuesday afternoon, after the company agreed to buy Patricia Mining Corp. (OTC:PTMHF) in a cash and stock deal worth approximately C$0.26 per share.

Stock in Patricia Mining climbed 79% or C$0.09 to 20 1/2¢ on the Venture exchange. Patricia Mining shareholders will receive C$0.15 in cash and 0.055 of one Richmont share for each Patricia Mining share held.

The deal will give Richmont a 100% interest in the Island Gold Mine which is currently jointly owned by Richmont and Patricia Mining.

Source: Richmont Mines Buys Patricia Mining, Shares Drop