Coeur Mining to Acquire 17.8% Stake in Victoria Gold
11:15 AM EDT, 05/10/2021 (MT Newswires) -- Coeur Mining (CDE) on Monday said that it struck a deal to acquire a 17.8% stake in Victoria Gold Corp. (VGCX) from Orion Co-VI Ltd.
Under the deal, Coeur will acquire 11,067,714 of Victoria Gold shares at C$13.20 ($10.92) a share which reflects a 5% discount to the trailing 30-day volume weighted price for the period ending May 7. In relation to the transaction, Orion will receive 12,785,485 shares of Coeur common stock based on the trailing 30-day volume weighted price of $9.17 per share, representing aggregate consideration of about $117.2 million.
The transaction is expected to close on or about 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 Coeur Mining CEO Mitchell Krebs.
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