15.05.2017 06:27:00
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Eldorado Gold To Buy Remaining Stake In Integra Gold - Quick Facts
(RTTNews) - Canadian low-cost gold producer Eldorado Gold Corp. (EGO, EGO.TO) announced Monday that it has entered into a definitive agreement to acquire shares of Integra Gold Corp. (ICG.V) that it does not currently own. The total transaction value is approximately C$590 million, inclusive of Integra shares held by Eldorado.
Eldorado currently owns 13% stake in Integra.
Under the deal, shareholders of Integra will be entitled to receive, at their option, for each Integra share they own either 0.24250 Eldorado shares, C$1.21250 in cash, in both and subject to pro ration, or 0.18188 of an Eldorado share and C$0.30313 in cash.
The maximum number of shares issuable by Eldorado under the Arrangement will be approximately 77 million. The maximum amount of cash payable by Eldorado under the Arrangement will be approximately C$129 million equal to 25% of the total consideration.
Eldorado's offer represents a value of C$1.21250 for each Integra common share based on the May 12, 2017 closing price of Eldorado common shares on the Toronto Stock Exchange.
It represents a premium of approximately 52% to Integra's May 12 closing price and a premium of 46% based on the volume weighted average prices of both companies for the 20 day period ending May 12.
Upon completion of the transaction and based on the maximum number of shares issuable under the Arrangement, current Eldorado and Integra shareholders would hold approximately 90% and 10% of the combined Company, respectively.
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