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Exploration|Gold|Mining|PROJECT
Exploration|Gold|Mining|PROJECT
exploration|gold|mining|project

B2Gold sells Nicaragua assets to Calibre in $100m deal

16th October 2019

By: Creamer Media Reporter

     

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Canadian miner B2Gold has completed the sale of its El Limon and La Libertad gold mines, the Pavon gold project and other mineral concessions in Nicaragua to explorer and developer Calibre Mining.

The $100-million transaction involved cash payments and shares, which turned B2Gold into Calibre’s largest shareholder.

On closing, B2Gold received 87 986 666 shares of Calibre, representing about 28.35% of the issued and outstanding shares on closing, $40-million in cash, a $10-million convertible debenture and will receive an additional cash payment of $10-million in October next year.

"We are pleased to join forces with Calibre in Nicaragua to continue our legacy of ten years of responsible exploration, development and gold production.

“We are pleased to become Calibre's largest shareholder and through our roles on their advisory board and board of directors, we look forward to assisting Calibre's experienced executive team and the combined B2Gold/Calibre management team in Nicaragua," said B2Gold president and CEO Clive Johnson.

Concurrently with the closing, Calibre and B2Gold entered into an investor rights agreement which provides, among other things, that for so long as B2Gold holds at least 10% of the issued and outstanding Calibre shares, it will have pro rata participation rights and piggyback registration rights.

Immediately prior to closing of the transaction, B2Gold held about 11.9% of the issued and outstanding Calibre shares. As a result of closing the transaction, B2Gold now holds about 30.08% of the total issued and outstanding Calibre shares.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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