Canada’s Dundee Precious Metals (TSX: DPM) will add its first project in the Americas to its portfolio by acquiring all the shares it doesn’t already own in junior miner INV Metals (TSX: INV), which owns the advanced-stage Loma Larga gold project in southern Ecuador.
As part of the deal, Dundee will buy each of the issued and outstanding common shares of INV Metals it does not currently has for 0.0910 of a DPM common share, or about C$0.80 a piece. This represents a 63% premium to the closing price of INV Metals stock on the Toronto Exchange on May 28.
Dundee, which owns about 23.5% of INV’s common shares, noted the transaction had strong shareholder support. It also said that IAMGOLD (TSE:IMG) (NYSE:IAG), which is IVN’s largest shareholder, is supporting the deal.
The implied equity value of the transaction, on a 100% basis, is about C$132 million, or C$104 million for the portion not owned by DPM, the parties said.
Continue reading at MINING.com
April 18, 2024
Comments