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NYSE's Coeur Mining Details Investment in Victoria Gold

05/10/2021 06:42

10:38 AM EDT, 05/10/2021 (MT Newswires) -- NYSE-traded Coeur Mining Inc. on Monday struck an agreement to acquire 11,067,714, or about 17.8%, of the outstanding common shares of Victoria Gold Corp. (VGCX.TO) from Orion Co-VI Ltd., at $13.20 per share.

The deal reflects a 5% discount to the trailing 30-day volume weighted price for the period ending May 7, 2021, the company said. Orion stands to receive 12,785,485 shares of Coeur common shares, or about 4.9% of issued and outstanding shares, based on the trailing 30-day volume weighted price of $9.17 per share, for the period ended May 7. This represents an aggregate consideration of approximately $117.2 million.

The deal is scheduled to close May 11, subject to closing conditions.

"This compelling opportunity to acquire 17.8% ownership interest in Victoria from Orion is consistent with our stated strategy and capital allocation framework, and complements our existing portfolio of precious metals assets in high-quality jurisdictions in North America," said Mitchell J. Krebs, Coeur's President and CEO.

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