VANCOUER, B.C. - SSR Mining Inc. and Alacer Gold Corp. have signed a deal to merge operations.
Under the all-stock deal, Alacer shareholders will receive 0.3246 SSR Mining shares for each Alacer share held. The exchange ratio implies a value of $8.19 per Alacer share, based on closing prices Friday.
The combined company will continue as SSR Mining and be headquartered in Denver. SSR Mining shareholders will hold 57 per cent of the combined company, while Alacer shareholders will own 43 per cent.
Alacer chief executive Rod Antal will be chief executive of the combined company, while the board will include five directors from each company.
The deal requires approval by a two-thirds vote by Alacer shareholders and a majority vote by SSR shareholders.
SSR has the Marigold gold mine in Nevada, the Seabee operation in Saskatchewan and the Puna operation in Argentina, as well as two feasibility stage projects and a portfolio of exploration properties in North and South America. Alacer has the Copler gold mine in Turkey.
This report by The Canadian Press was first published May 11, 2020.
Companies in this story: (TSX:ASR, TSX:SSRM)
The Canadian Press