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Wednesday, February 3, 2021 - 4:17:19 PM
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Mining News Pro - The shares of gold miner Saracen Mineral Holdings will cease trading on the ASX at the end of business on Wednesday, as a merger with fellow listed Northern Star becomes effective.
Saracen and Northern Star have previously agreed on a merger, which would see Saracen shareholders receive 0.3763 Northern Star shares for each Saracen share held, resulting in Northern Star shareholders holding a 64% interest in the merged entity, while Saracen shareholders would hold the remaining 36%.
The merged entity will have a pro-forma market capitalisation of A$16-billion and a net cash position of A$188-million, with an immediate production profile of 1.6-million ounces, with a pathway to increasing production to two-million ounces a year.
The merged entity will have a 19-million-ounce reserve and resources of 49-million ounces, with the company holding three large-scale production centers in exclusively Tier 1 locations.
The merger would also result in the consolidation of the Kalgoorlie Golden Mile to be consolidated under one owner for the first time in more than 125 years.
Northern Star would remain trading on the ASX, with the new shares issued to Saracen shareholders to start trading on February 15.
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https://www.miningnews.ir/En/News/610331
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