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Integra Gold Corp. (TSXV:ICG) and Eldorado Gold Corp. (TSX:ELD, NYSE:EGO) announced that they have entered into a definitive agreement for Eldorado to acquire Integra for ~C$1.21 per share in either Eldorado shares (0.24250 Eldorado shares), cash of C$1.21250 or cash and shares (0.18188 and C$0.30313). Compensation available to Integra shareholders is limited to C$129 million in cash (~25% of the transaction). The offer by Eldorado represents a 52% premium of the May 12, 2017 close, and a 46% premium based on the 20-day volume weighted average price (VWAP). This consideration represents, 1.0x NAV and US$122/oz, which is a premium to precedent transactions (0.7x NAV and US$41/oz). With this being a friendly transaction and taking into account the valuation, we believe there is a low probability (~10-15%) of a higher bid materializing from one of the larger players in the region or a new entrant. However, this should benefit smaller regional players like Radisson Mining Resources Inc. (TSXV:RDS), Monarques Gold Corp. (TSXV:MQR), Probe Metals Inc. (TSXV:PRB), QMX Gold Corp. (TSXV:QMX) and Alexandria Minerals Corp. (TSXV:AZX) and continues to highlight the scarcity of political stable development projects as we have previously highlighted. read more
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Red Cloud Klondike Strike Inc. connects mining companies with suitable investors that qualify under available regulatory exemptions. For example, in Canada, according to National Instrument 45-106, Prospectus and Registration Exemptions. Similar laws and regulations apply in other jurisdictions. Companies presented on this website are considered to be highly speculative and, as such, are suitable only for purchasers who can tolerate the highest level of risk including the loss of their entire investment.
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