Coeur Announces Positive Results of Stockholder Votes and Completes Acquisition of Paramount Gold and Silver
April 17 2015 - 4:05PM
Coeur Mining, Inc. ("Coeur" or the "Company") (NYSE:CDE) announced
that the proposals related to the previously announced acquisition
of Paramount Gold and Silver Corp. ("Paramount") were approved by
both Coeur stockholders and Paramount stockholders and that the
transaction has closed.
Based on the vote results at a special meeting of Coeur
stockholders held today, Coeur's proposal was approved by Coeur
stockholders owning approximately 98.2% of shares voted. Based on
the vote results at a special meeting of Paramount stockholders
held today, Paramount's proposal was approved by Paramount
stockholders owning approximately 96.9% of shares voted.
In connection with today's closing of the transaction,
approximately 32.7 million shares of Coeur common stock were issued
to Paramount stockholders and approximately $10 million in cash was
contributed to Paramount Gold Nevada Corp., a wholly-owned
subsidiary of Paramount in which Coeur has retained a 4.9%
interest.
Coeur expects to complete a mineral reserve and resource
estimate for its Palmarejo mine in Mexico, which includes the newly
acquired assets, and file a National Instrument 43-101 compliant
technical report on www.sedar.com during the second quarter of
2015.
About Coeur
Coeur Mining is the largest U.S.-based silver producer and a
significant gold producer with five precious metals mines in the
Americas employing approximately 2,100 people. Coeur produces from
its wholly owned operations: the Palmarejo silver-gold mine in
Mexico, the San Bartolomé silver mine in Bolivia, the Rochester
silver-gold mine in Nevada, the Kensington gold mine in Alaska, and
the Wharf gold mine in South Dakota. The Company also has a
non-operating interest in the Endeavor mine in Australia in
addition to royalties on the Cerro Bayo mine in Chile, the El Gallo
complex in Mexico, the Zaruma mine in Ecuador, and the Correnso
mine in New Zealand. In addition, the Company has two silver-gold
feasibility stage projects - the La Preciosa project in Mexico and
the Joaquin project in Argentina. The Company also conducts ongoing
exploration activities in Alaska, Argentina, Bolivia, Mexico, and
Nevada. The Company owns strategic investment positions in several
silver and gold development companies with projects in North and
South America.
Cautionary Statement
This news release contains forward-looking statements within the
meaning of securities legislation in the United States and Canada,
including statements regarding completion of mineral reserve and
resource estimates. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause
Coeur's actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, among others, the risk that Coeur
will not realize any or all of the anticipated benefits from the
Paramount acquisition, the risk that development and operating
synergy goals for the Paramount acquisition will not be met and
that disruptions from the transaction will harm relationships with
customers, employees, suppliers and regulators, the risk that
unexpected costs will be incurred, the outcome of litigation
(including with respect to the Paramount acquisition), the risks
and hazards inherent in the mining business (including risks
inherent in developing large-scale mining projects, environmental
hazards, industrial accidents, weather or geologically related
conditions), changes in the market prices of gold and silver and a
sustained lower price environment, the uncertainties inherent in
Coeur's production, exploratory and developmental activities,
including risks relating to permitting and regulatory delays,
ground conditions, grade variability, any future labor disputes or
work stoppages, the uncertainties inherent in the estimation of
gold and silver ore reserves, changes that could result from
Coeur's future acquisition of new mining properties or businesses,
reliance on third parties to operate certain mines where Coeur owns
silver production and reserves and the absence of control over
mining operations in which Coeur or its subsidiaries hold royalty
or streaming interests and risks related to these mining operations
including results of mining and exploration activities,
environmental, economic and political risks of the jurisdiction in
which the mining operations are located, the loss of any
third-party smelter to which Coeur markets silver and gold, the
effects of environmental and other governmental regulations, the
risks inherent in the ownership or operation of or investment in
mining properties or businesses in foreign countries, Coeur's
ability to raise additional financing necessary to conduct its
business, make payments or refinance its debt, as well as other
uncertainties and risk factors set out in filings made from time to
time with the United States Securities and Exchange Commission, and
the Canadian securities regulators, including, without limitation,
Coeur's most recent report on Form 10-K. Actual results,
developments and timetables could vary significantly from the
estimates presented. Readers are cautioned not to put undue
reliance on forward-looking statements. Coeur disclaims any intent
or obligation to update publicly such forward-looking statements,
whether as a result of new information, future events or otherwise.
Additionally, Coeur undertakes no obligation to comment on
analyses, expectations or statements made by third parties in
respect of Coeur, its financial or operating results or its
securities.
CONTACT: For Additional Information:
Bridget Freas, Director, Investor Relations
(312) 489-5819
Donna Mirandola, Director, Corporate Communications
(312) 489-5842
www.coeur.com
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