Coeur Mining Inc. logo is shown in a handout. The company has signed a deal to buy SilverCrest Metals Inc. that values to company at about US$1.7 billion. THE CANADIAN PRESS/HO
October 04, 2024 - 6:19 AM
VANCOUVER - Coeur Mining Inc. has signed a deal to buy SilverCrest Metals Inc. that values the company at about US$1.7 billion.
Under the agreement, SilverCrest shareholders will receive 1.6022 Coeur common shares for each SilverCrest common share they hold.
The proposal values SilverCrest shares at US$11.34 per share, based on the closing price of Coeur common shares on the New York Stock Exchange on Thursday. The offer is a 22 per cent premium to where SilverCrest shares closed before the deal was announced.
Vancouver-based SilverCrest owns the Las Chispas operation in Sonora, Mexico.
Coeur shareholders will hold a 63 per cent stake in the combined company, while SilverCrest shareholders will own 37 per cent.
The deal, which requires shareholder, court and regulatory approvals, is expected to close late in the first quarter of 2025.
This report by The Canadian Press was first published Oct. 4, 2024.
Companies in this story: (TSX:SIL)
News from © The Canadian Press, 2024