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Roxgold Shares Trade Up 16% Following Fortuna Silver s CA$1.1 Billion Buyout Offer Source:
Streetwise Reports (4/26/21) Roxgold shares traded higher after the company reported it agreed to be acquired by Fortuna Silver Mines in a mostly stock and cash deal for CA$2.73 per share.
Canada-based gold mining company Roxgold Inc. (ROXG:TSX), which is focused on developing assets in West Africa, and Fortuna Silver Mines Inc. (FSM:NYSE; FVI:TSX; FVI:BVL; F4S:FSE), which operates silver and gold operations in North and South America, announced that they have entered into a definitive agreement for Fortuna to acquire 100% of Roxgold s issued and outstanding securities.
Fortuna Silver to buy Roxgold in $884M deal April 26, 2021
Fortuna Silver Mines (NYSE: FSM, TSX: FVI) is buying fellow miner
Roxgold (TSX: ROXG) in a cash-and-stock deal valued at about C$1 billion ($884.32 million), as strong gold prices spurs a wave of mergers and acquisitions in the sector.
Vancouver-based Fortuna, which has operations in Peru, Mexico and Argentina, said the combined company would produce about 450,000 ounces of gold equivalent a year.
West-Africa focused Roxgold’s shareholders will receive 0.283 common shares of Fortuna and C$0.001 for each Roxgold common share held.
The exchange ratio implies a consideration of about C$2.73 per Roxgold share, a 42.1% premium to its last closing price.
Author Bio
Reuben Gregg Brewer believes dividends are a window into a company s soul. He tries to invest in good souls.
What happened
Shares of
Fortuna Silver Mines (NYSE:FSM) fell as much as 15% when the opening bell rang on Monday. The company a precious metals miner based in Canada with mines in Mexico, Peru, and Argentina announced before the market opened that it was making an acquisition. Investors often sell the buyer, given that there are costs involved when one company acquires another, and that s exactly what happened here.
So what
Fortuna is buying fellow Canadian precious metals miner
Fortuna and Roxgold Agree to Business Combination Creating a Low-Cost Intermediate Global Precious Metals Producer apnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from apnews.com Daily Mail and Mail on Sunday newspapers.