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Equinox Gold agreed to buy Calibre Mining for about $2.56 billion in stock to become Canada’s second-largest gold producer. Calibre shareholders will receive 0.31 Equinox common share for each Calibre common share held immediately before the transaction, according to a joint statement issued Sunday. At closing, existing Equinox shareholders would own about 65% of the combined company’s outstanding shares, compared with 35% for their Calibre counterparts.
The deal, which is expected to close in the second quarter, sets the stage for the creation of a Canadian mining powerhouse with two low-cost assets under the same roof – Equinox’s Greenstone property in Ontario, which achieved commercial production in November and is one of the country’s largest open-pit mines; and Calibre’s Valentine mine, which is nearing construction completion.
First gold pour at Valentine is currently targeted for mid-2025. “The impact of the two mines coming together, creating this Canadian gold power, that’s really as much as anything why we’ve done this,” Equinox chairman Ross Beaty told financial analysts Monday on a conference call. “It’s just going to have a fabulous long-term value creation for shareholders of both companies.”
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