Kinross Gold to Acquire Great Bear Resources
Dec 9, 2021 By MarketDepth
Great Bear Resources Ltd. (TSX-V: GBR) (OTCQX: GTBAF) is set to be acquired by Kinross Gold Corporation after the two companies entered into a binding agreement.
Shares of Great Bear Resources Ltd. (TSX-V: GBR) gained 23.4% in premarket trading following the announcement.
40% Increase in Share Price
Great Bear shareholders are set to receive approximately C$29.00 per Great Bear common share, representing a 40% increase on Great Bear’s 20-day volume weighted average price (VWAP). Alternatively, current Great Bear shareholders are able to elect to receive 3.8564 Kinross shares per Great Bear share, subject to proration.
Once completed, the transaction will result in Great Bear shareholders owning approximately 7% of Kinross, on a fully diluted basis.
“The acquisition of Great Bear by Kinross is an outstanding opportunity for our shareholders, partners at Wabauskang and Lac Seul First Nations, and the local communities of Northern Ontario. As a senior gold producer, Kinross has the financial strength, technical expertise, and commitment to the highest ESG practices to advance the Dixie project at the pace and scale that this industry-leading discovery deserves.”Chris Taylor, President and CEO of Great Bear