[IMG] Gold Road pulls out of quest for stake in Canadian miner...

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gbgirl

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25/04/24

18:46

Post #: 73512724
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Originally posted by Fredbear2 ↑

Equinox acquired 40% in Greenstone for nearly US$1b (A$1.55b) - looks expensive for a 40% interest on an operation yet to be proven.

All dollar amounts shown in United States dollars, unless otherwise indicated.

Equinox Gold (TSX: EQX, NYSE American: EQX) is pleased to announce that it has entered into a binding share purchase agreement (the “SPA” with certain funds managed by Orion Mine Finance Management LP (“Orion” to acquire Orion’s 40% interest in Greenstone Gold Mine GP Inc., giving Equinox Gold 100% ownership of the Greenstone Mine (“Greenstone” in Ontario, Canada (the “Transaction”.
Under the terms of the SPA, Equinox Gold will pay $995 million to acquire Orion’s 40% interest in Greenstone, payable as follows:

42.0 million common shares of Equinox Gold valued at $250 million;

$705 million in cash payable on closing; and

$40 million in cash payable by December 31, 2024.

Equinox Gold will fund the cash consideration with net proceeds from both a new $500 million three-year term loan and a bought deal equity financing of common shares of Equinox Gold for approximately $260 million.

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Gold Road pulls out of quest for stake in Canadian miner

Gold Road Resources’ talks with Orion Resource Partners over buying a stake in the Greenstone gold mining project ended ‘because of a disagreement on price’.
GOR Price at posting: $1.65 Sentiment: Buy Disclosure: Not Held
3 Upvote

0 Great analysis

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