SSR Mining and Alacer Gold have entered into an agreement to combine in an at-market merger of equals pursuant to a plan of arrangement under the Business Corporations Act (Yukon). The combined entity will continue as SSR Mining and will be headquartered in Denver, Colorado, with a corporate office in Vancouver, British Columbia, and will be led by Rod Antal as president and CEO and Michael Anglin as chairman.
SSR Mining is a Canadian-based precious metals producer with three operations, including the Marigold gold mine in Nevada, U.S., the Seabee Gold Operation in Saskatchewan, Canada, and Puna Operations in Jujuy, Argentina. Alacer’s cornerstone Çöpler gold mine is located in east-central Turkey about 1,100 kilometers (km) southeast from Istanbul and 550 km east from Ankara.
Alacer shareholders will receive 0.3246 SSR Mining shares for each Alacer share held. The exchange ratio implies C$8.19 per Alacer common share and a combined market capitalization of $4 billion. At closing, SSR Mining and Alacer shareholders will collectively own approximately 57% and 43% of SSR Mining, respectively.
The transaction will require the approval of at least 66-2/3% of the votes cast by the shareholders of Alacer at a special meeting. The issuance of shares by SSR Mining under the agreement is also subject to the approval of the majority of votes cast by the SSR Mining shareholders at a special meeting.
Completion of the transaction is also subject to regulatory and court approvals and other customary closing conditions.