- Sabina Gold & Silver (SBB) confirmed today, its shareholders approved the company’s acquisition by Vancouver-based B2Gold in a billion dollar deal
- The all-stock transaction is worth C$1.2 billion
- Sabina’s shareholders approved the move by a vote of 88.65 percent, to 11.35 percent
- The acquisition includes Sabina’s district scale Back River Gold District in Nunavut
- Sabina Gold & Silver (TSX:SBB) is unchanged, trading at $2.19 at 1:42 pm ET
Sabina Gold & Silver (SBB) confirmed today, its shareholders approved the company’s acquisition by Vancouver-based B2Gold in a billion dollar deal.
The all-stock transaction is worth C$1.2 billion.
Sabina’s shareholders approved the move in an overwhelming majority, by a vote of 88.65 percent, to 11.35 percent.
The deal values Sabina’s common shares at $2.20.
The acquisition includes all of Sabina’s issued and outstanding shares, as well as its wholly-owned district scale, advanced, high grade Back River Gold District in Nunavut.
The company published an updated feasibility study at the district’s Goose Mine in 2021.
“I would like to express my sincere appreciation to Sabina’s stakeholders for their support in advancing this incredible project. Without their backing, and the significant talent of our Sabina employees over the years, the Back River Gold District would not be the world class asset that it is today,” President and CEO Bruce McLeod said in a statement.
“B2Gold’s involvement as an intermediate producer with greater financial capacity provides additional de-risking of the project and leaves Sabina shareholders with a meaningful stake in the combined Company. As an all share-based transaction, the implied value of the offer is $2.20 per share or $1.2 billion (at yesterday’s close). Following the positive outcome of the shareholder vote today, we look forward to working closely with B2Gold to close this transaction.”
The transaction is expected to formally close on April 19.
Sabina Gold & Silver (TSX:SBB) is unchanged, trading at $2.19 at 1:42 pm ET.