Orion sale of 40% interest in the Greenstone Project
Torys acted as counsel to Orion Mine Finance in the US$995 million sale of its 40% joint venture interest in the Greenstone Project in northern Ontario to Equinox Gold Corp.
On April 23, 2024, Equinox Gold Corp. (“Equinox”) announced that it entered into a binding share purchase agreement with certain entities managed by Orion Mine Finance Management LP (together, “Orion”) to acquire Orion’s 40% interest in Greenstone Gold Mine GP Inc., giving Equinox Gold 100% ownership of the Greenstone Mine (“Greenstone”) in Ontario, Canada.
Located in the Geraldton-Beardmore Greenstone Belt along the Trans-Canada Highway in northern Ontario, 275 km northeast of Thunder Bay and 4 km south of the town of Geraldton, the Greenstone Project encompasses the former Hardrock, MacLeod-Cockshutt and Mosher underground mines and represents one of the most significant large-scale, permitted, mine development opportunities in North America.
Completion of the transaction was announced on May 13, 2024.
Under the terms of the purchase agreement, Equinox Gold acquired Orion’s 40% interest in Greenstone for US$995 million, payable as follows:
- 42 million common shares of Equinox Gold valued at US$250 million;
- US$705 million in cash payable at closing; and
- US$40 million in cash payable by December 31, 2024.
Further information on the transaction can be found NewsFile’s website.
Orion Mine Finance Group is one of the world's leading mining-focused private equity businesses.
Equinox Gold is a growth-focused Canadian mining company with seven operating gold mines, commissioning underway at a new mine, and a plan to achieve more than one million ounces of annual gold production by advancing a pipeline of expansion projects.
The Torys team was led by Mike Pickersgill and included Michael Jason, Nick Germanakos, Tia Eisner and Sarah Rimer (corporate/M&A), Craig Maurice and Steve Marshall (tax).
Torys a également agi dans le cadre des mandats suivants en lien avec ce projet :
Orion Mine Finance as joint venture partner in connection with the project financing and positive construction decision for the Greenstone Project in northern Ontario
Orion Mine Finance in its US$51 million sale of a 10% interest in the Greenstone Gold Mines Partnership, owner of the Greenstone Project in northern Ontario, to its joint venture partner Equinox Gold Corp.
Orion Mine Finance in its US$300 million acquisition of Centerra Gold Inc.’s 50% interest in the Greenstone Gold Mines Partnership, owner of the Greenstone Project in northern Ontario
| Territoire | Municipality of Greenstone, in the Thunder Bay district |
| Province/État | Ontario |
| Pays | Canada |
| Nature du mandat | Fusions et acquisitions |
| Client | Orion Mine Finance |
| Rôle du client | Vendeur |
| Valeur | 995 000 000 $ USD |