SSR Mining acquires Taiga Gold for $21 million, expands its presence in Saskatchewan
(Kitco News) - SSR Mining (TSX: SSRM) announced Thursday that it has entered into a definitive arrangement agreement with Taiga Gold (CSE: TGC) whereby SSR Mining will acquire all of the issued and outstanding common shares of Taiga Gold at a price of C$0.265 per Taiga Gold share for the total value of approximately C$27 million (US$21 million).
SSR Mining said that the arrangement is an all-cash offer that is not subject to any financing conditions, and that it has been unanimously approved by the Board of Directors of each of SSR Mining and Taiga Gold.
The company added that the offer price represents a premium of approximately 36% to the closing price of the Taiga Gold common shares on the Canadian Securities Exchange ("CSE") on December 1st, 2021, the day prior to the announcement of the transaction, and a premium of 39% to the 20-day VWAP of the Taiga Gold common shares traded on the CSE prior to announcement of the Transaction.
|Cornish Lithium reports maiden resource estimate for its Trelavour lithium project in the UK|
"As the only gold producer in the highly prospective province of Saskatchewan, the transaction materially expands SSR Mining's presence in a core jurisdiction by adding five new properties (34,569 hectares), which provide new exploration targets stretching south from the Seabee mine to our 100%-owned Amisk property," the company said in a statement.
Importantly, SSR Mining pointed out that the company will leverage its existing teams and infrastructure to advance the development of the newly acquired assets.
President and CEO Rod Antal stated, "The acquisition of Taiga Gold reiterates our commitment to the Seabee gold mine and ongoing investment for future resource discoveries as we aim to extend Seabee's mine life into the next decade."
"Additionally, the acquisition of new greenfields exploration properties across the province of Saskatchewan should allow SSR Mining to build upon our regional expertise in a region we consider exceptionally prospective geologically and underexplored," he added.
SSR Mining is a leading, free cash flow focused intermediate gold company with four producing assets located in the USA, Turkey, Canada, and Argentina. In 2020, the four operating assets produced approximately 711,000 gold-equivalent ounces.