Equinox Gold (TSX: EQX; NYSE-AM: EQX) is buying fellow miner Premier Gold Mines (TSX: PG), which will spin out its Nevada assets in a new U.S.-focused gold miner to be called i-80 Gold Corp.
The all-stock deal valued at $612 million (US$480 million) hands Equinox Gold Premier’s interest in the Hardrock project in Ontario, the Mercedes Mine in Mexico and the Hasaga and Rahill-Bonanza properties in Red Lake, Ont.
Premier’s South-Arturo and McCoy-Cove properties will be held by i-80 Gold, which will also complete Premier’s previously announced acquisition of the Getchell project, all in Nevada.
Equinox said that it would undertake a $75 million equity financing fully underwritten by its chairman, Ross Beaty, to help fund the deal.
Equinox to buy Premier Gold in US$480M all-stock deal
Premier Gold s Mercedes mine in Mexico. Credit: Premier Gold.
Equinox Gold (TSX: EQX; NYSE-AM: EQX) is buying fellow miner Premier Gold Mines (TSX: PG), which will spin out its Nevada assets in a new U.S.-focused gold miner to be called i-80 Gold Corp.
The all-stock deal valued at $612 million (US$480 million) hands Equinox Gold Premier’s interest in the Hardrock project in Ontario, the Mercedes Mine in Mexico and the Hasaga and Rahill-Bonanza properties in Red Lake, Ont.
Premier’s South-Arturo and McCoy-Cove properties will be held by i-80 Gold, which will also complete Premier’s previously announced acquisition of the Getchell project, all in Nevada.