Premier Gold shareholders approve takeover by Equinox
The shareholders of Premier Gold Mines have voted to approve the acquisition by Equinox Gold, paving the way for the transaction to close next month, pending regulatory approvals.
On closing of the transaction, Premier shareholders will receive 0.1967 of an Equinox share for each share held, resulting in existing Equinox and Premier shareholders owning about 84% and 16%, respectively, of the enlarged company.
By approving the transaction, Premier securityholders also approved the spin-out to Equinox and Premier shareholders of a newly created US-focused gold production and development company to be called i-80 Gold that will own Premier's existing Nevada assets.
Upon completion of the transaction and prior to giving effect to the issuance of any i-80 Gold shares in connection with any equity financing or acquisition to be completed by i-80 Gold, Equinox and existing shareholders of Premier will own 30% and 70% of i-80 Gold, respectively.
Equinox Gold will retain Premier's interest in the world-class Hardrock project in Ontario, the Mercedes mine in Mexico, and the Hasaga and Rahill-Bonanza properties in Red Lake, Ontario.
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