Skeena completes QuestEx acquisition
Dual-listed Skeena Resources has completed the acquisition of QuestEx Gold and Copper and now holds one of the biggest land positions for mining in the prolific Golden Triangle.
CEO Walter Coles said on Wednesday that Skeena expected to realise exploration synergies at the KSP and Kingping properties, which were proximal to its Eskay Creek and Snip projects.
Under the terms of the arrangement, QuestEx shareholders received C$0.65 cash and 0.0367 of a Skeena common share for each QuestEx common share. In aggregate, Skeena paid about C$18.7-million in cash and issued about 1.05-million shares to QuestEx shareholders other than Newmont and Skeena.
The cash consideration was fully funded by the cash proceeds of the assets that Skeena sold to Newmont.
Newmont acquired 100% of Skeena’s rights, titles, and interests in, and to, the Heart Peaks, Castle, Moat, Coyote and North ROK properties, which were previously owned by QuestEx, for C$27-million, including the purchase by Skeena of Newmont’s QuestEx shares.
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