There's been much talk of consolidation in the gold space in 2015, but Tuesday's announcement from Oban Mining (TSX:OBM) took things to another level. Oban will merge with four other gold companies to create a new miner with an estimated market cap of $122 million. The other companies included in the merger are Eagle Hill Exploration (TSXV:EAG), Temex Resources (TSXV:TME), Mark Goodman's Ryan Gold (TSXV:RYG) and the recently CSE-listed Corona Gold (CSE:CRG). Additionally, Oban will acquire 19.9 percent of BonTerra Resources (TSXV:BTR) by way of a private placement. Osisko Gold Royalties (TSX:OR) is also in on the action via a $20-million investment with Oban for first rights to participate in royalties and streams, pro rata financing participating rights and the right to nominate three directors to the board of the new company. Furthermore, Osisko CEO Sean Roosen will co-chair the new company along with mining industry heavyweight Ned Goodman. By the numbers In terms of how ownership will look for the other four companies (prior to Osisko's private placement), Eagle Hill will own 28 percent of Oban, Temex will own 16 percent, Ryan Gold will own 24 percent and Corona Gold will get 19 percent. Osisko and Dundee Capital Markets will own 18 and 15 percent of the company, respectively. "This is an exciting new chapter in Canadian mining," said John Burzynski, current chairman of Oban, in a statement. "Post-consolidation, New Oban brings together major exploration assets in Ontario and Quebec under experienced management in a well-capitalized vehicle, with over $65M in cash and a significant global gold resource." Executives at Eagle Hill, Temex, Ryan Gold and Corona Gold had similarly positive things to say about the transaction, and the deal appears to have been well received for most companies involved.