Bear Creek still aims to close Mercedes acquisition next month
Toronto-listed Bear Creek Mining continues to expect to close its acquisition of fellow-listed Equinox Gold’s Mercedes gold/silver mine, in Mexico, before the end of next month, despite accusing Trident Royalties of “interfering” with the mining transaction.
Bear Creek said on Friday that Trident, which in January acquired a nonmaterial offtake agreement with Equinox Gold, had brought an application for an order of an arbitrator restraining and enjoining the closing of the acquisition.
In a statement, Bear Creek said it believed the application was without merit and that it would hold Trident responsible for “all loss and damage it may suffer as a consequence of Trident’s interfering conduct”.
“It is disappointing that Trident did not meaningfully engage with us prior to initiating an arbitration to disrupt an ordinary course mining transaction. However, we look forward to a timely resolution of their dispute with Equinox,” said president and CEO Anthony Hawkshaw.
Bear Creek and Equinox have agreed to extend the outside date for the completion of the Mercedes mine acquisition to April 30. The company stated that it expected to receive anti-trust approval next month.
Equinox is selling the Mercedes gold/silver mine for $100-million in cash, 24.73-million shares and a 2% net smelter return payable on production from the mine. Equinox acquired the mine as part of its acquisition of Premier Gold Mines and the Greenstone gold project. It views Mercedes as noncore.
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