Orion to Acquire Centerra Gold’s 50% Interest in the Greenstone Gold Mines Partnership Centerra Gold Inc.; PREMIER GOLD MINES LIMITED Toronto, Ontario, CANADA
PREMIER GOLD MINES LIMITED (“Premier”)
(TSX:PG) (OTCPK: PIRGF) and
CENTERRA GOLD INC. ( Centerra ) (TSX: CG) are pleased to announce that an affiliate of the Orion Mine Finance Group (“Orion”), has entered into an agreement (the “Purchase Agreement”) with Centerra and Premier pursuant to which Orion will acquire Centerra s 50% interest in the Greenstone Gold Mines Partnership (“GGM”) for cash consideration of US$225 million (subject to certain adjustments) plus certain contingent payment obligations of approximately US$75 million (assuming a US$1,500 gold price), described below (the Transaction ). Premier currently owns the other 50% of GGM.
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Orion to pay $225m for 50% interest in Greenstone Gold Mines
Work at the Greenstone gold property.
(Image courtesy of Premier Gold Mines).
Premier Gold Mines (TSX: PG) and Centerra Gold (TSX: CG) entered into an agreement with an affiliate of the Orion Mine Finance Group pursuant to which Orion will acquire Centerra’s 50% interest in the Greenstone Gold Mines Partnership for cash consideration of $225 million plus certain contingent payment obligations of approximately $75 million.
Premier currently owns the other 50% of GGM. Meanwhile, affiliates of Orion beneficially own or control approximately 13.9% of the outstanding common shares of Premier and, as such, Orion is considered a “related party” and an “insider” of Premier for the purposes of applicable securities laws and stock exchange rules.
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Orion to acquire Centerraâs 50% stake in Canadian gold mine for $225m
Orion will acquire Centerraâs stake in Greenstone Gold Mines Partnership whose principal asset is the Hardrock Mine Project located in Ontario, Canada
Orion to acquire stake in Canadian gold mine. (Credit: Pixabay/keesstes.)
Orion Mine Finance Group has agreed with Centerra Gold and Premier Gold Mines to acquire Centerraâs 50% stake the Greenstone Gold Mines Partnership in Canada.
Orion is acquiring the stake for $225m along with certain contingent payment obligations of about $75m. Premier will continue to hold the remaining 50% stake in the gold mine.
GGMâs principal asset is the Hardrock Mine Project located on the Trans-Canada Highway near Geraldton, Ontario, Canada. The project is claimed to be a highly significant large-scale, permitted, mine development opportunity in North America.
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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.
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