here it is.....Eldorado and QMX Announce Friendly Acquisitio
VANCOUVER, British Columbia, Jan. 21, 2021 (GLOBE NEWSWIRE) -- ELDORADO GOLD CORPORATION (TSX: ELD; NYSE: EGO) (“Eldorado”) and QMX GOLD CORPORATION (TSX-V: QMX) (“QMX”) are pleased to announce that they have entered into a definitive arrangement agreement (the “Agreement”) pursuant to which Eldorado will acquire all of the outstanding shares of QMX (not already owned by Eldorado) for total consideration of approximately C$132 million on a 100% and fully diluted basis or C$0.30 per QMX share (the “Arrangement”). Eldorado currently owns 68,125,000 shares of QMX, or approximately 17% of QMX shares outstanding, which it purchased at C$0.06 per share in a private placement on December 30, 2019.
Transaction Terms
Under the terms of the Arrangement, each holder of QMX shares will receive, for each QMX share held, (i) C$0.075 in cash and (ii) 0.01523 of an Eldorado common share (the “Arrangement Consideration”), for total consideration of C$0.30 per QMX share (based on Eldorado’s closing price on January 20, 2021). The Arrangement Consideration represents a 39.5% premium to the closing price of QMX shares on the TSX Venture Exchange (the “TSX-V”) on January 20, 2021.
Following the completion of the Arrangement, QMX shareholders will own approximately 2.8% of the issued and outstanding shares of Eldorado.
Benefits to QMX Shareholders
- Attractive premium of 39.5% to the closing price of the QMX shares on the TSX-V on January 20, 2021.
- Ongoing exposure to QMX’s land package and subsequent value creation opportunities through a broader consolidated operating camp in the Eastern Abitibi.
- Exposure to Eldorado’s portfolio of high-quality mines and development projects.
- Access to Eldorado’s technical, project development and operating capabilities, as well as financial resources.
- Potential for value accretion through a re-valuation in Eldorado’s share price as Eldorado continues to deliver and de-risk its combined asset portfolio.
Brad Humphrey, President and CEO of QMX, commented: “In 2016, we set to re-focus QMX into a premier exploration company to maximize the value of our Val d’Or property. I am proud to say that this transaction is a testament to all the hard work and effort that the QMX team has put in over the years, and in particular, a testament to the success and strength of the QMX exploration team in Val d’Or. In addition, QMX could not have achieved its success to date without a number of supportive stakeholders.”
“After evaluating the terms of the transaction, management and the board of directors of QMX view this transaction as beneficial for all shareholders as it provides immediate value for their support and the opportunity to continue to benefit as part of an established and well financed gold producer.”........
VANCOUVER, British Columbia, Jan. 21, 2021 (GLOBE NEWSWIRE) -- ELDORADO GOLD CORPORATION (TSX: ELD; NYSE: EGO) (“Eldorado”) and QMX GOLD CORPORATION (TSX-V: QMX) (“QMX”) are pleased to announce that they have entered into a definitive arrangement agreement (the “Agreement”) pursuant to which Eldorado will acquire all of the outstanding shares of QMX (not already owned by Eldorado) for total consideration of approximately C$132 million on a 100% and fully diluted basis or C$0.30 per QMX share (the “Arrangement”). Eldorado currently owns 68,125,000 shares of QMX, or approximately 17% of QMX shares outstanding, which it purchased at C$0.06 per share in a private placement on December 30, 2019.
Transaction Terms
Under the terms of the Arrangement, each holder of QMX shares will receive, for each QMX share held, (i) C$0.075 in cash and (ii) 0.01523 of an Eldorado common share (the “Arrangement Consideration”), for total consideration of C$0.30 per QMX share (based on Eldorado’s closing price on January 20, 2021). The Arrangement Consideration represents a 39.5% premium to the closing price of QMX shares on the TSX Venture Exchange (the “TSX-V”) on January 20, 2021.
Following the completion of the Arrangement, QMX shareholders will own approximately 2.8% of the issued and outstanding shares of Eldorado.
Benefits to QMX Shareholders
- Attractive premium of 39.5% to the closing price of the QMX shares on the TSX-V on January 20, 2021.
- Ongoing exposure to QMX’s land package and subsequent value creation opportunities through a broader consolidated operating camp in the Eastern Abitibi.
- Exposure to Eldorado’s portfolio of high-quality mines and development projects.
- Access to Eldorado’s technical, project development and operating capabilities, as well as financial resources.
- Potential for value accretion through a re-valuation in Eldorado’s share price as Eldorado continues to deliver and de-risk its combined asset portfolio.
Brad Humphrey, President and CEO of QMX, commented: “In 2016, we set to re-focus QMX into a premier exploration company to maximize the value of our Val d’Or property. I am proud to say that this transaction is a testament to all the hard work and effort that the QMX team has put in over the years, and in particular, a testament to the success and strength of the QMX exploration team in Val d’Or. In addition, QMX could not have achieved its success to date without a number of supportive stakeholders.”
“After evaluating the terms of the transaction, management and the board of directors of QMX view this transaction as beneficial for all shareholders as it provides immediate value for their support and the opportunity to continue to benefit as part of an established and well financed gold producer.”