QuestEx to be Bought by Skeena Resources in Cash, Stock Deal
30 März 2022 - 02:32PM
Dow Jones News
By Adriano Marchese
QuestEx Gold & Copper Ltd. said Wednesday that Skeena
Resources Ltd. will buy all of its outstanding and issued shares in
a transaction valued at around 56.5 million Canadian dollars, or
US$45.2 million, and sell its newly-acquired properties in turn to
Newmont Corp.
The Vancouver-based mineral exploration company said that each
share that Skeena doesn't currently own will be exchanged for
C$0.65 each, plus 0.0367 of a Skeena share.
QuestEx said that based on the preceding five-day volume-weighed
average price of Skeena, the cash and stock deal implies a price of
C$1.20 per QuestEx share. Skeena already owned around 14% of
QuestEx' outstanding common shares.
On Tuesday, QuestEx shares closed at C$0.76.
Concurrently, Skeena entered into an asset purchase agreement
with Newmont whereby Newmont will acquire the properties of Castle,
Coyote, Heart Peaks, Moat and North ROK in British Columbia
following the transaction for C$27 million.
Newmont is also a shareholder in QuestEx, with an ownership of
16.13%, according to FactSet.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 30, 2022 08:17 ET (12:17 GMT)
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