Market movers: Stocks that saw action on Wednesday - and why Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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A roundup of some of the North American equities making moves in both directions today
On the rise
Aphria Inc. (APHA-T) and rival
Tilray Inc. (TLRY-Q) rose in the wake of announcing their intentions to merge, creating the world’s largest cannabis producer by sales and giving it a foothold in the fast-growing U.S. market.
Equinox acquiring Premier Gold Mines in all-stock deal theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
2 Min Read
(Reuters) -Canadian miner Equinox Gold Corp said on Wednesday it would buy Premier Gold Mines Ltd in an all-stock deal valued at C$611.7 million ($479.9 million) and simultaneously spin-out Premier’s U.S. production assets.
The deal, worth about C$2.57 per share, represents a 2% premium to Premier’s Tuesday close according to Reuters.
It fits Equinox’s strategy “to grow as big as we can as quickly as we can,” chairman Ross Beaty said on a call.
Cost-conscious miners have bulked up as gold prices climbed to record highs of above $2,000 an ounce this year.
On Tuesday, private equity firm Orion Mine Finance Group said it would buy gold miner Centerra Gold Inc’s 50% interest in the Greenstone Gold Mines partnership for $225 million in cash. Premier Gold has a 50% stake in the partnership, whose principal asset is the Hardrock mine in the Canadian province of Ontario.
THUNDER BAY Two new players are taking over development of a new gold mine just outside Geraldton.
Canadian mining company Equinox Gold Corp. has announced the friendly acquisition of Thunder Bay-based Premier Gold Mines.
Equinox will retain Premier s 50 per cent interest in the Greenstone Gold Mines Hardrock Project at Geraldton, as well as other properties.
The announcement comes a day after Premier and Centerra Gold announced that the private equity firm Orion Mine Finance Group had agreed to acquire Centerra s 50 per cent interest in the Greenstone Gold Mines Partnership, for $225 million.
When that deal was revealed, Premier s CEO and president, Ewan Downie, said it paves the way for the development of Premier’s flagship asset. We look forward to working with Orion, a long-standing supportive partner of Premier, in advancing the Hardrock Project on an expedited timeline.