Kinross completes acquisition of Great Bear Resources
On February 24, 2022, Kinross Gold Corporation (“Kinross”) announced that it completed its previously announced plan of arrangement to acquire all of the issued and outstanding shares of Great Bear Resources Ltd. (“Great Bear”).
Under the terms of the arrangement, Great Bear shareholders were provided the right to elect to receive C$29.00 in cash for each Great Bear common share (“Great Bear Share”) or 3.8564 Kinross common shares (“Kinross Share”) per Great Bear Share, to a maximum cash consideration of approximately US$1.1 billion (C$1.4 billion) and a maximum of 80,773,353 Kinross Shares. The arrangement also included a payment of contingent consideration in the form of one contingent value right (CVR) per Great Bear Share that may be exchanged for 0.1330 of a Kinross Share per Great Bear Share. The contingent consideration will be payable in connection with Kinross’ public announcement of commercial production at the Dixie project— located in the renowned and prolific Red Lake mining district in Ontario, Canada—which Kinross acquired from Great Bear through the transaction.
In aggregate, Kinross paid approximately C$1.35 billion in cash and issued approximately 49.3 million shares of Kinross and approximately 59.3 million CVRs to Great Bear securityholders under the arrangement.
The shares of Great Bear were delisted from the TSX Venture Exchange at market close on February 25, 2022.
Further information can be found on Globe Newswire’s website.
Great Bear was a Vancouver-based gold exploration company focused on advancing its 100%-owned Dixie project in northwestern Ontario.
Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana.