Kinross announces acquisition of Great Bear Resources
Kinross Gold (TSX:K; NYSE:KGC) said today that it has entered into a definitive agreement with Great Bear Resources Ltd. (TSX-V:GBR) to acquire all of the issued and outstanding shares of Great Bear.
Through the transaction, Kinross will acquire Great Bear’s flagship Dixie project located in the Red Lake mining district in Ontario, Canada.
Under the terms of the transaction, Kinross has agreed to an upfront payment of approximately US$1.4 billion1 (C$1.8 billion), representing C$29.00 per Great Bear common share on a fully-diluted basis. The upfront payment will be payable at the election of Great Bear shareholders in cash and Kinross common shares, subject to a pro-ration, up to aggregate maximums of 75% cash and 40% Kinross shares on a fully-diluted basis.