Coeur Mining acquired more than 11 million shares (17.8%) of Victoria Gold Corp. from Orion Mine Finance at a price of C$13.20 per share. In connection with the transaction, Orion will receive nearly 12.8 million shares of Coeur common stock (4.9%), representing an aggregate consideration of approximately $117.2 million. Orion’s sales of Coeur shares will be subject to certain restrictions.

“We have long admired the quality of Victoria’s Eagle asset and its recent success in ramping up operations,” Coeur President and CEO Mitch Krebs said. “This compelling opportunity to acquire a 17.8% ownership interest in Victoria from Orion is consistent with our stated strategy and capital allocation framework and complements our existing portfolio of precious metals assets in high-quality jurisdictions in North America.”

Concurrently, the company and Orion also entered into an agreement where Orion has agreed to certain transfer restrictions on its remaining shares in Victoria. It also agreed to support, vote in favor of, or deposit all common shares it owns in favor of an offer, proposal or transaction supported by the board of directors of Victoria result in the acquisition by Coeur of more than 50% of the common shares of Victoria, or all or substantially all assets and properties of Victoria on a consolidated basis.

Victoria Gold owns the Eagle gold mine, which is the newest and largest gold mine in the Yukon Territory’s history. The company’s exploration activities are focused in the 100%-owned Dublin Gulch and contiguous VBW claim blocks.