Deal Done. 3M cash, 25.9 SSRM shares, 4.2M share cancelation
Golden Arrow Resources Corporation
TSXV Exchange | Sep 19, 2019, 11:17 AM EDT | Real-time price
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Back Golden Arrow Resources Completes the Sale of its Interest in Puna Operations
Canada NewsWire
VANCOUVER, Sept. 19, 2019
All dollar amounts in Canadian Dollars unless otherwise noted
TSX Venture Exchange (TSX-V): GRG
Frankfurt Stock Exchange (FSE): G6A
OTCQB Venture Market (OTCQB): GARWF
VANCOUVER, Sept. 19, 2019 /CNW/ - Golden Arrow Resources Corporation (TSX-V: GRG, FSE: G6A, OTCQB: GARWF) ("Golden Arrow" or the "Company"), is pleased to announce that the Company has successfully completed the transaction announced on July 22, 2019 and has sold the Company's 25% interest in Puna Operations Inc. ("Puna Operations") to SSR Mining Inc. (TSX: SSRM); (NASDAQ: SSRM) ("SSRM") (the "Transaction").
The full details of the Transaction were set out in our news release dated July 22, 2019. As consideration for the sale of its 25% interest in Puna Operations, Golden Arrow received:
- C$3.0 million in cash consideration
- 1,245,580 common shares of SSRM representing a value of approximately C$25.9 million and calculated using a price per share based on the 20-day volume weighted average trading price of SSRM's common shares on the Toronto Stock Exchange ending on September 17, 2019
- Approximately C$15.1 million in cash, which amount was used to repay in full the outstanding principal and accrued interest owed by Golden Arrow under the credit agreement entered into in July 2018 with SSRM
- The return for cancellation, for no consideration, of 4,285,714 Golden Arrow common shares owned by SSRM