- Kinross Gold Corp. (K) has acquired all of the issued and outstanding shares of Great Bear Resources Ltd.
- Kinross will pay approximately $1.35 billion in cash and issue approximately 49.3 million Kinross shares to Great Bear securityholders
- Kinross shares to Great Bear security holders under the arrangement
- Shares of Great Bear are expected to be delisted from the TSX Venture Exchange at market close on February 25, 2022
- Kinross is a Canadian-based senior gold mining company
- Kinross Gold Corporation (K) opened trading at C$7.01 per share
Kinross Gold Corp. (K) has acquired all of the issued and outstanding shares of Great Bear Resources Ltd.
“The closing of the acquisition of Great Bear Resources represents a milestone for Kinross as we advance our future growth strategy. We are excited to add such a high-quality asset in a top mining jurisdiction to our global portfolio,” said J. Paul Rollinson, Kinross Gold President and CEO.
“Our exploration and development strategy will start immediately, including our goal of drilling 200,000 metres this year. We aim to further define the asset’s untapped potential and unlock the significant value we see from its numerous avenues for growth. We also look forward to working with the Wabauskang and Lac Seul First Nations and local communities as we advance our development strategy.”
Great Bear shareholders were offered the option to receive C$29.00 in cash or 3.8564 Kinross common shares per Great Bear share.
Kinross will pay approximately $1.35 billion in cash and issue approximately 49.3 million Kinross shares to Great Bear security holders under the arrangement.
Shares of Great Bear are expected to be delisted from the TSX Venture Exchange at market close on February 25, 2022. Following the delisting, Kinross intends to apply for Great Bear to cease to be a reporting issuer under applicable Canadian securities laws.
Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana.
Kinross Gold Corporation (K) opened trading at C$7.01 per share.