NYBob
3 years ago
Gold Fields to Acquire Yamana Gold
Transaction creates a top-4 global gold major with a diversified portfolio of high-quality, long-life assets with tangible near and long-term growth opportunities
Strengthened financial and operational capacity with complementary cash flow and growth profiles
Combined Group will be headquartered in Johannesburg with operations across South Africa, Ghana, Australia, Canada and South America
All-share offer by Gold Fields at an Exchange Ratio of 0.6 Gold Fields Consideration Shares for each Yamana share implying a valuation for Yamana of US$6.7 billion
JOHANNESBURG AND TORONTO, May 31, 2022 (GLOBE NEWSWIRE) --
Gold Fields Limited (JSE, NYSE: GFI) (“Gold Fields”) and Yamana Gold Inc. (TSX:YRI; NYSE:AUY; LSE:AUY) (“Yamana”), today announced that they have entered into a definitive agreement (the “Arrangement Agreement”), under which Gold Fields will acquire all of the outstanding common shares of Yamana (“Yamana Shares”) pursuant to a plan of arrangement (the “Transaction”).
Gold Fields to Acquire Yamana Gold – a Combination for Long-term Value Creation Focused on Quality Growth, Financial Discipline and Shareholder Returns
$In GOD We Trust - Real Money - AU Safety 6000yrs )
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Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
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GOLD STANDARD; THE REAL LEGAL MONEY:
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NYBob
4 years ago
$RS thanks; Globex to Sell Francoeur/Arntfield/Lac Fortune Gold Property
to Yamana Gold Inc. for +$15 Million
Rouyn-Noranda, Quebec, Canada.
https://www.globexmining.com/staging/admin/news_pdfs/2021-06-14%20Globex%20sells%20Francoeur_Arntfield_Lac%20Fortune%20Gold%20Property.pdf
GLOBEX MINING ENTERPRISES INC. (GMX –
Toronto Stock Exchange,
G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, L&S Exchange, TTM Zone, Stock
Exchanges and GLBXF – OTCQX International in the USA) is pleased to inform shareholders that it has
entered into a definitive Purchase Agreement to sell the Francoeur/Arntfield/Lac Fortune gold property to
Yamana Gold Inc. (TSX:YRI; NYSE:AUY; LSE:AUY).
The property, located in Abitibi, Québec, adjoins Yamana’s
Wasamac Gold Mine project on which Yamana is currently working in order to advance to production.
The Globex property includes a number of former gold mines and areas of excellent gold exploration potential.
Exploration by Globex has demonstrated the potential for finding additional areas of significant gold
mineralization.
In addition to the Francoeur/Arntfield/Lac Fortune property, as part of the transaction
Yamana will acquire 30 claims in Beauchastel township to the east of the Wasamac Gold Mine property and
three claims in Malartic township from Globex.
Under the Purchase Agreement, Globex will receive the following cash and share payments from Yamana:
Upon closing of the transaction: $4,000,000, which will be satisfied by Yamana issuing 706,714 shares to
Globex at a deemed price of $5.66 per share. Based on the closing price of Yamana’s shares on the
Toronto Stock Exchange on Friday, June 11, 2021 of $6.22, the 706,714 Yamana shares have a current
market value of $4,395,761.08;
On: - first anniversary of closing: $3,000,000 in cash
- second anniversary of closing: $2,000,000 in cash
- third anniversary of closing: $3,000,000 in cash
- fourth anniversary of closing: $3,000,000 in cash
Based on Yamana’s current trading price, the total cash and share consideration is $15,395,761.08, of which
Globex will receive $7,395,761.08 in cash and shares within the first year.
Globex may elect to receive one or more of the four anniversary payments in Yamana shares.
If Globex so
elects, the number of shares issued by Yamana will be based on the volume weighted average trading price
of Yamana’s shares for the five trading days immediately preceding the date of payment.
In addition, Globex will retain a 2% Gross Metal Royalty on all mineral production from the
Francoeur/Arntfield/Lac Fortune property and the 30 Beauchastel and three Malartic township claims, of
which 0.5% may be purchased by Yamana for $1,500,000.
LEGAL*53348308.2
2
Yamana has agreed to assume payment of the three underlying royalties on the properties and will make a
final environmental bond payment of $223,633.50 currently due by Globex on the Francoeur Mine in
July 2021, after which Globex will transfer the bond to Yamana.
Globex is pleased to have entered into the Purchase Agreement with Yamana, which will provide Globex with
revenue for the next four years as well as a significant royalty stream should a mineral deposit on the property
package enter into production.
Closing of the sale, which is expected to take place on June 21, 2021, is conditional upon regulatory approval
and standard closing conditions.
This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified
Person (Q.P.) under NI 43-101.
We Seek Safe Harbour. Foreign Private Issuer 12g3 – 2(b)
CUSIP Number 379900 50 9
LEI 529900XYUKGG3LF9PY95
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
Tel.: 819.797.5242
Fax: 819.797.1470
info@globexmining.com
http://www.globexmining.com
Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”. These statements may involve
a number of known and unknown risks and u
https://www.globexmining.com/staging/admin/news_pdfs/2021-06-14%20Globex%20sells%20Francoeur_Arntfield_Lac%20Fortune%20Gold%20Property.pdf
In GOD We Trust - Real Money -
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http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
NYBob
4 years ago
Monarch Gold Announces Friendly Acquisition Agreement With Yamana Gold
T.MQR | 7 hours ago
MONTREAL , Nov. 2, 2020 /CNW/ -
MONARCH GOLD CORPORATION (" Monarch " or the " Corporation ") (TSX: MQR) (OTCQX: MRQRF) (FRANKFURT: MR7) is pleased to announce that it has entered into a definitive agreement (the " Agreement ") with
Yamana Gold Inc. (" Yamana " or the " Company ") pursuant to which Yamana will acquire the Wasamac property and the Camflo property and mill through the acquisition of all of the outstanding shares of Monarch (not already owned by Yamana) for total consideration of approximately C$200 million or C$0.63 per Monarch share on a fully diluted basis, under a plan of arrangement.
The total consideration to be paid by Yamana to the shareholders of Monarch (" Monarch Shareholders ") is approximately C$60.8 million in cash and C$91.2 million in Yamana shares.
Under the plan of arrangement, Monarch will first complete a spin-out to its shareholders, through a newly-formed company (" SpinCo ") that will hold its other mineral properties and certain other assets and liabilities of Monarch, by issuing as consideration common shares of SpinCo (the " SpinCo Shares ") having an implied value of approximately C$47.5 million (the " Spin-Out ").
Emerging gold mining company in Abitibi (CNW Group/Monarch Gold Corporation)
The transaction represents a 43% premium to the closing price of Monarch shares on the Toronto Stock Exchange (the " TSX ") on October 30, 2020 and a premium of 43% to the volume weighted average price of the Monarch shares on the TSX for the 20-day period ending on October 30, 2020 .
Transaction Terms
Upon implementation of the plan of arrangement, the following assets and liabilities will be transferred by Monarch to SpinCo in consideration for the issuance of the SpinCo Shares to Monarch Shareholders:
The Beaufor mine, the McKenzie Break property, the Croinor Gold property, the Swanson property and the Beacon Gold mill and property (the " SpinCo Properties '');
C$14 million cash;
All assets and liabilities related to the SpinCo Properties.
Following the Spin-Out, each outstanding common share of Monarch will be exchanged for:
C$0.192 in cash from Yamana;
0.0376 of a Yamana share (a value of C$0.288 based on the volume weighted average price of the Yamana shares on the TSX for the 20 trading days ending on October 30, 2020 );
0.20 of a SpinCo Share (with each full share having a value of C$0.75 per share).
Following the completion of the transaction, Monarch Shareholders will own approximately 1.3% of Yamana and 100% of SpinCo, and
Yamana will own 100% of Monarch.
Board of Directors' Recommendations
The Agreement has been unanimously approved by the Board of Directors of Monarch (with the exception of Yohann Bouchard who abstained) who recommends that Monarch Shareholders vote in favour of the Agreement. The Board of Directors of Monarch has received a fairness opinion from Stifel GMP, which state that the consideration to be received by Monarch Shareholders pursuant to the Agreement is fair from a financial point of view, to Monarch Shareholders (other than Yamana). The Agreement has also been unanimously approved by the Board of Directors of Yamana.
Transaction Conditions & Timing
Full details of the transaction will be included in the management information circular of Monarch that is expected to be mailed to Monarch Shareholders' in December 2020 . The transaction will be effected by way of a court-approved plan of arrangement under the Canada Business Corporations Act and will be subject to the approval of at least 66 2/3% of the votes cast by Monarch Shareholders and optionholders, voting as a single class, at a special meeting of Monarch Shareholders expected to be held near the end of December 2020 .
The directors and senior officers of Monarch, holding in aggregate over 3% of the issued and outstanding common shares of Monarch, have entered into voting support agreements with Yamana, pursuant to which they have agreed to vote their shares in favour of the transaction. Certain larger shareholders of Monarch have also entered into support agreements and together with shares already owned or held by Yamana, approximately 28% of Monarch's issued and outstanding shares would be voted in support of the Transaction.
The transaction does not require the approval of the shareholders of Yamana. The completion of the transaction is also subject to the receipt of court, stock exchange and any other required regulatory approval, and is subject to certain customary closing conditions for transactions of this nature.
The Agreement provides for, among other things customary board support and non-solicitation covenants, with "fiduciary out" provisions that allow Monarch to accept a superior proposal, subject to a "right to match period" in favour of Yamana. The Agreement also provides for a termination fee of C$8 million to be paid by Monarch to Yamana if the Agreement is terminated in certain specified circumstances.
The companies are working towards closing the transaction by the end of 2020 and not later than early January 2021 .
None of the securities to be issued pursuant to the transaction have been or will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and any securities issuable in the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
Value to Monarch Shareholders
The total consideration values Monarch at approximately C$200 million or C$0.63 per share - a premium of approximately 43% to the closing price of the Monarch shares on the TSX on October 30, 2020 and a premium of 43% based on the volume weighted average price of the Monarch and Yamana shares for the 20 trading days ending on October 30, 2020
Exposure to Yamana's portfolio of high-quality mines and development projects, in addition to ongoing participation in value creation at Wasamac
Access to Yamana's technical, project development and operating capabilities as well as financial resources
Potential for value accretion through a re-valuation in Yamana's share price as the Company continues to deliver and de-risks its combined asset portfolio
Participation in Yamana's dividend program
Participation in the well-capitalized SpinCo, which will hold a significant portfolio of advanced exploration assets in the prolific Abitibi mining camp, a fully permitted 750tpd mill, and the past producing Beaufor Mine.
Jean-Marc Lacoste , President and CEO of Monarch stated: "We have built, over the years, a great portfolio through acquisitions and organic growth which led to this fruitful transaction within the diversified portfolio of Yamana. A project the size of Wasamac needed a strategic alliance with a good developer and operator with a track record of success in similar styled mineralization and we believe this transaction is in the best interests of the shareholders. The exploration potential offered in the 200 km² eastern Abitibi region (comprised of the Beaufor mine, the McKenzie Break property, the Croinor Gold property, the Swanson property and the Beacon Gold mill and property) will continue to grow for the shareholders in the well-funded newly formed corporation. Finally, the cash component of the offer will permit the long-time shareholders to reduce their initial cost."
Strategic Rationale for Yamana
The acquisition provides Yamana with a high-quality project with a significant mineral reserve and resource base and excellent potential for further expansion. The acquisition adds to the Company's footprint in the Abitibi region, which is consistent with Yamana's strategy to build on its existing presence in established mining jurisdictions where it has deep technical, geological, and operational expertise. In addition, the acquisition of the Wasamac and Camflo properties adds to Yamana's pipeline of organic opportunities, significantly enhancing the Company's future growth prospects. The company has considerable experience in large bulk tonnage underground mines, experience which will support the development of Wasamac. Furthermore, the acquisition aligns with the Company's strategy for a balanced approach to capital allocation.
Advisors and Counsel
The Board of Directors of Monarch has engaged Stifel GMP as its financial advisors and Monarch has engaged Stein Monast LLP as its legal advisors in connection with the transaction.
Yamana has engaged Canaccord Genuity Corp. as its financial advisor and Cassels Brock & Blackwell LLP its legal advisors in connection with the transaction.
ABOUT YAMANA
Yamana Gold Inc. is a Canadian-based precious metals producer with significant gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas, including Canada , Brazil , Chile and Argentina . Yamana plans to continue to build on this base through expansion and optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in the Americas.
ABOUT MONARCH GOLD CORPORATION
Monarch Gold Corporation (TSX: MQR) is an emerging gold mining company focused on becoming a 100,000 to 200,000 ounce per year gold producer through its large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada . The Corporation currently owns over 315 km² of gold properties (see map ), including the Wasamac deposit (measured and indicated resource of 2.6 million ounces of gold, which includes proven and probable reserves of 1.8 million ounces of gold), the Beaufor, Croinor Gold (see video ), and McKenzie Break advanced projects, the Camflo and Swanson exploration projects, and the Camflo and Beacon mills. It also offers custom milling services out of its 1,600 tonne-per-day Camflo mill.
Forward-Looking Statements
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch's actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.
www.monarquesgold.com
SOURCE Monarch Gold Corporation
Canada Newswire
November 1, 2020 - 11:09 PM PST
Tags:
GOLD INDUSTRIAL METALS & MINERALS
NYBob
5 years ago
Yamana Gold Inc.: This Gold Mining Stock Just Raised its Dividend Again
By Jing Pan, B.Sc., MA | December 20, 2019
A Dividend Stock You Likely Haven’t Considered
For the most part, gold mining stocks aren’t exactly known as the go-to choice for income investors. But when a gold mining company delivers two massive dividend hikes within a few months, I’d say it deserves attention.
The company in question is Yamana Gold Inc. (NYSE:AUY), a precious metals producer headquartered in Toronto, Ontario, Canada.
Canada is known for having some of the biggest gold mining companies in the world, and Yamana is one of them. In 2019, the company was expecting to produce 899,000 ounces of gold, 10 million ounces of silver, and 61 million pounds of copper. (Source: “Our Million: to mine precious metals profitably and responsibly,” Yamana Gold Inc., last accessed December 16, 2019.)
Other than running a substantial precious metals production business, Yamana Gold also has exploration properties, development-stage properties, and land positions in Argentina, Brazil, Canada, and Chile.
On July 25, Yamana Gold announced a quarterly dividend rate of $0.01 per share, starting with its third-quarter payment. The amount represented a 100% increase from its prior quarterly dividend rate of $0.005 per share. (Source: “Yamana Announces a 100% Increase to Its Dividend and Declares Third Quarter Dividend,” Yamana Gold Inc., July 25, 2019.)
Doubling one’s payout is truly impressive, but the company is not done yet.
On December 16, Yamana Gold announced another 25% increase to its quarterly dividend rate to $0.0125 per share, bringing its annualized rate to $0.05 per share. (Source: “Yamana Gold Announces a Further 25% Dividend Increase and Establishes a New Dividend Policy to Ensure the Sustainability of Dividends,” Yamana Gold Inc., December 16, 2019.)
The new rate will come into effect in the first quarter of 2020. So in just a few months, AUY stock’s per-share payout has grown by 125%.
With Yamana Gold stock trading at $3.63 per share, the company has a forward yield of 1.1%.
And this could be just a start.
In the company’s latest dividend increase press release, Yamana Gold said, “These initial two increases are part of a gradual and progressive approach to dividend increases as the Company’s cash balances continue to grow from increasing free cash flow and successful and continuing initiatives to monetize its portfolio of non-producing assets and financial instruments.” (Source: Ibid.)
Furthermore, the company will start to report dividends on a per-gold-equivalent ounce (GEO) of production basis. Thanks to the latest dividend hike, Yamana Gold’s dividend level is brought to $50.00 per GEO of production.
Yamana Gold Inc.’s Dividend Hikes Backed by Growing Business
As you’d expect from those substantial payout increases, business has been booming at Yamana Gold Inc. Just take a look at the company’s latest earnings report and you’ll see what I mean.
In the third quarter of 2019, Yamana Gold generated adjusted earnings of $49.5 million, or $0.05 per share. The amount more than doubled the adjusted net earnings of $23.6 million, or $0.02 per share earned in the year-ago period. (Source: “Yamana Gold Reports Third Quarter Cash Flows From Operating Activities of $157.4 Million, Increases Earnings, and Lowers Debt; Cash Flows Significantly Exceed the Average of the Three Preceding Quarters,” Yamana Gold Inc., October 24, 2019.)
The company also substantially improved its ability to generate cash. In the reporting quarter, Yamana Gold generated $157.4 million in cash flow from operating activities. To put that in perspective, the amount was 72% higher than the average operating cash flow over the previous three quarters.
Of course, as a gold mining company, Yamana Gold Inc has exposure to the price of gold. However, because of the company’s efficient operations, it should be able to stay profitable even if precious metals prices fall. And if their prices go up—a scenario that could happen if uncertainty increases—the company would be making even bigger profits.
In the third quarter, Yamana Gold achieved a cash cost of $678.00 per GEO and an all-in sustaining cost of $1,039 per GEO. In comparison, the yellow metal is trading around $1,480 per ounce at the time of this writing.
For income investors who want to get some exposure to gold, AUY stock could be an opportunity.
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