PERTH (miningweekly.com) – The merger of equals between ASX- and TSX-listed Alacer Gold and fellow-listed SSR Mining has been completed, with Alacer becoming a wholly owned subsidiary of SSR.
The two companies in May this year announced the C$2.4-billion share deal, under which Alacer shareholders received 0.3246 SSR Mining shares for each Alacer share held, implying a consideration of C$8.19 a common share, and valuing Alacer at C$2.41-billion.
The companies said in a joint statement on Thursday that following the incorporation of Alacer into SSR Mining, the company had a pro forma market capitalisation of some $5-billion, and had one of the strongest balance sheets and free cash profiles in the gold sector.
SSR Mining’s common shares continue to trade on the TSX and Nasdaq, while its Chess Depositary Interest (CDIs) will start trading on the ASX on September 17. Alacer’s CDIs ceased trading on the ASX on September 14, and the company is expected to be delisted from the TSX on September 18 and from the ASX on September 23.
SSR Mining now has a diversified asset portfolio comprising a number of high margin, long-life assets in several locations, including Turkey, Argentina, Canada and the US. The company has a three-year average yearly production profile of about 780 000 oz of gold equivalent at an all-in sustaining cost of $900/oz.