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Silver Lake, Integra merger completed
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11th January 2013
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PERTH (miningweekly.com) - The scheme of arrangement between midtier gold miners Silver Lake Resources and Integra Mining on Friday became official after scheme participants were allotted their new Silver Lake shares.

Integra shares were expected to be removed from the ASX by January 14.

Under the terms of the A$426-million merger, Silver Lake would hand over one of its own shares for every 6.28 Integra shares held. The offer represented a 43.6% premium to Integra’s closing price of A$0.415 on August 3, and a 40.3% premium to the 20-day volume-weighted average price.

The combined company would be some 40% owned by Integra shareholders, and would have an initial 200 000 oz/y production rate, doubling to 400 000 oz/y by 2014.

The merged entity would further have a mineral resource of 6.6-million ounces, and the ability to unlock operational synergies between the adjacent Mount Monger and Randalls gold projects, in Western Australia.

Edited by: Chanel de Bruyn

 

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Picture by: Reuters