Welcomes Pretivm's Release of Information Circular Melbourne, Australia--(Newsfile Corp. - December 20, 2021) - Newcrest Mining Limited (ASX: NCM) (TSX: NCM) (PNGX: NCM) today welcomes the release by Pretium Resources Inc. (TSX: PVG) (NYSE: PVG) (Pretivm) of the Management Information Circular (Circular) for the special meeting of shareholders and option holders (securityholders) of Pretivm.
The Circular contains information on the plan of arrangement (Plan) pursuant to which Newcrest will acquire Pretivm and sets the date for the meeting of Pretivm's securityholders to vote on the Plan as 20 January 2022 (2:00pm Vancouver time). Pretivm will send the Circular to its securityholders.
Newcrest's offer to acquire Pretivm is unanimously recommended by the Board of Directors of Pretivm, and the Directors have also entered into voting and support agreements under which they have agreed to vote in favour of the transaction for any securities they hold or control.
Completion of the transaction is subject to 66 2/3% of the votes held by Pretivm securityholders voting in person or by proxy at the meeting in favour of the Plan, approval of the Supreme Court of British Columbia and regulatory approvals including approval under the Investment Canada Act.
The benefits for Newcrest of acquiring Pretivm, which owns the Brucejack mine in British Columbia, include:
- Addition of a Tier 1 large scale, long life, low cost mine to Newcrest's portfolio of Tier 1 assets
- Immediate increase in Newcrest's gold production by >300koz pa (~15%) to well above 2Moz(1,2,3)
- Accretive to Newcrest's EBITDA and cash flow
- Immediate operational and financial diversification from a Tier 1 jurisdiction
- Growth in a region where Newcrest already operates and has strong existing relationships
- Significant near mine and district-scale exploration opportunity with exciting potential to realise resource and reserve growth
https://www.newsfilecorp.com/release/108176