VANCOUVER, Dec. 30, 2019 /CNW/ - SSR Mining Inc. (NASDAQ:
SSRM) (TSX: SSRM) ("SSR Mining") today announces that holders of
our 2.875% Senior Convertible Notes due 2033 (CUSIP No. 82823L AC0)
(the "Notes") have the right to surrender their Notes for purchase
by SSR Mining at their option (the "Put Option") pursuant to the
terms of the Indenture governing the Notes, dated as of
January 16, 2013 between SSR Mining
and The Bank of New York Mellon, as trustee, (the "Indenture"). The
Put Option entitles each holder of the Notes to require SSR Mining
to purchase all of such holder's Notes or any portion of the
principal thereof that is equal to $1,000 principal amount (or integral multiples
thereof) on February 1, 2020 (the
"Option Purchase Date"), in cash at a purchase price equal to 100%
of the principal amount of the Notes (the "Option Purchase Price")
plus accrued and unpaid interest thereon to, but excluding, the
Option Purchase Date, subject to the terms and conditions of the
Indenture and the Notes. Pursuant to the terms of the Indenture, on
February 1, 2020, we will pay the
semi-annual interest due on the Notes through January 31, 2020 to holders of record on
January 15, 2020, of all Notes in the
usual manner regardless of whether the Put Option is exercised with
respect to such Notes. As a result, there will be no accrued and
unpaid interest payable on the Notes surrendered in connection with
the Put Option.
As of December 30, 2019, there was
$115.0 million aggregate principal
amount of the Notes outstanding. If all outstanding Notes are
validly surrendered for repurchase through exercise of the Put
Option, the aggregate cash purchase price will be $115.0 million.
The opportunity to surrender Notes for purchase pursuant to the
Put Option commences today and expires at 5:00 p.m., New York
City time, on January 31,
2020, which is the first business day immediately preceding
the Option Purchase Date. In order to exercise the Put Option and
receive the Option Purchase Price, or validly withdraw Notes
previously surrendered for purchase, a holder must follow the
procedures set forth in the Option Purchase Notice given by SSR
Mining. We will accept for payment all Notes validly surrendered
(and not validly withdrawn) promptly following the expiration of
the Put Option. Prior to 10:00 a.m.,
New York City time, on
February 3, 2020 (the first business
day following the Option Purchase Date), we will forward to The
Bank of New York Mellon, as paying agent, an amount of cash
sufficient to pay the Option Purchase Price for all Notes that have
been validly surrendered (and not validly withdrawn). No interest
shall accrue for the intervening period. Unless we default in
repurchasing the Notes validly surrendered (and not validly
withdrawn), interest on those Notes will cease to accrue on the
Option Purchase Date. Notes with respect to which the Put Option is
exercised will not be convertible in accordance with their terms,
unless surrender of those Notes is validly withdrawn.
None of SSR Mining or our board of directors or any employee
is making any recommendation as to whether you should surrender
your Notes for purchase pursuant to the Put Option or refrain from
exercising the Put Option. You should consult your own financial
and tax advisors and must make your own decision as to whether to
surrender your Notes for purchase pursuant to the Put Option and,
if so, the principal amount of Notes for which the Put Option
should be exercised.
Documents specifying the terms, conditions and procedures for
exercising the Put Option will be available through The Depository
Trust Company and the paying agent, which is The Bank of New York
Mellon. In addition, we will file the Option Purchase Notice with a
Tender Offer Statement on Schedule TO with the Securities and
Exchange Commission (the "SEC") today.
This news release is for information only and is not an offer to
purchase, a solicitation of an offer to purchase, or a solicitation
of an offer to sell the Notes or any other securities of SSR
Mining. The offer to purchase the Notes will be only pursuant to,
and the Notes may be tendered only in accordance with our Option
Purchase Notice dated December 30,
2019 and related documents. Copies of the Option Purchase
Notice and additional information relating to the procedures for
the surrender of the Notes may be obtained from The Bank of New
York Mellon by calling +1 (315) 414-3362.
HOLDERS OF NOTES AND OTHER INTERESTED PARTIES ARE URGED TO READ
OUR SCHEDULE TO, PUT OPTION NOTICE AND OTHER RELEVANT DOCUMENTS
FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT SSR MINING AND THE PUT
OPTION.
About SSR Mining
SSR Mining Inc. is a Canadian-based precious metals producer
with three operations, including the Marigold gold mine in
Nevada, U.S., the Seabee Gold
Operation in Saskatchewan, Canada
and Puna Operations in Jujuy, Argentina. We also have two feasibility stage
projects and a portfolio of exploration properties in North and
South America. We are committed to
delivering safe production through relentless emphasis on
Operational Excellence. We are also focused on growing production
and Mineral Reserves through the exploration and acquisition of
assets for accretive growth, while maintaining financial
strength.
For further information contact:
W. John DeCooman, Jr.
Senior Vice President, Business Development and Strategy
SSR Mining Inc.
Vancouver, BC
Toll free: +1 (888) 338-0046
All others: +1 (604) 689-3846
E-Mail: invest@ssrmining.com
To receive SSR Mining's news releases by e-mail, please
register using the SSR Mining website at
www.ssrmining.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information within
the meaning of Canadian securities laws and forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 (collectively, "forward-looking
statements") concerning the anticipated developments in our
operations in future periods, and other events or conditions that
may occur or exist in the future. All statements, other than
statements of historical fact, are forward-looking statements.
Generally, forward-looking statements can be identified by the use
of words or phrases such as "expects," "anticipates," "plans,"
"projects," "estimates," "assumes," "intends," "strategy," "goals,"
"objectives," "potential," "believes," or variations thereof, or
stating that certain actions, events or results "may," "could,"
"would," "might" or "will" be taken, occur or be achieved, or the
negative of any of these terms or similar expressions. The
forward-looking statements in this news release relate to, among
other things, statements regarding the Put Option. These
forward-looking statements are subject to a variety of known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ from those expressed or implied,
including, without limitation, the following: general market
conditions, including market factors affecting the price of bonds
and equity securities; the amount of cash generated from the
business; prevailing interest rates: and those various risks and
uncertainties identified under the heading "Risk Factors" in our
most recent Annual Information Form filed with the Canadian
securities regulatory authorities and included in our most recent
Annual Report on Form 40-F filed with the SEC. Our forward-looking
statements are based on what our management considers to be
reasonable assumptions, beliefs, expectations and opinions based on
the information currently available to it. We cannot assure you
that actual events, performance or results will be consistent with
these forward-looking statements, and management's assumptions may
prove to be incorrect. Our forward-looking statements reflect
current expectations regarding future events and speak only as of
the date hereof and we do not assume any obligation to update
forward-looking statements if circumstances or management's
beliefs, expectations or opinions should change other than as
required by applicable law. For the reasons set out above, you
should not place undue reliance on forward-looking
statements.
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SOURCE SSR Mining Inc.