SSR Mining (NASDAQ: SSRM) and Alacer Gold Corp. reported a definitive agreement to merge pursuant to a plan of arrangement under the Business Corporations Act. The new entity will operate as SSR Mining Inc. and be headquartered in Denver, Colorado with a corporate office in Vancouver, B.C. led by Rod Antal as President & CEO and Michael Anglin as Chairman.
Alacer shareholders will receive 0.3246 SSR Mining shares for each Alacer share held. Exchange Ratio is based on closing prices for both company common shares on the Toronto Stock Exchange on May 8th, 2020.
Paul Benson, President and CEO of SSR Mining said, “The zero-premium merger of SSR Mining and Alacer creates an exciting leading intermediate gold producer with exceptional financial strength, robust margins, strong cash flow generation, and long mine lives that will be run by highly experienced management with a track record of value creation. Consistent with our long-standing strategy of growth through a combination of organic development and M&A, the new SSR Mining will be well positioned to build on the strong foundation of both companies to continue growing and delivering value for all shareholders.”
Rodney P. Antal, President and CEO of Alacer said, “The combination of Alacer and SSR Mining will create a diversified portfolio of high quality, long-life mines across four mining-friendly jurisdictions. Our focus at Alacer over the past several years has been on generating peer-leading free cash flow – this merger allows us to continue this strategy while diversifying our single operating asset exposure. In addition, the increased financial strength of the combined business will allow us to leverage the proven project execution capabilities of the combined management team to continue delivering on the extensive organic growth portfolio and compete for attractive assets as they arise. The complementary nature of the assets and the cultural alignment of the organizations will facilitate an effective integration and allow us to continue to deliver value to our shareholders.”