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October 5, 2018

M&As this week: Coeur Mining, Novo Resources, Zebra Holdings

Coeur Mining has completed the acquisition of Northern Empire Resources following a previously announced plan of arrangement.

Coeur Mining has completed the acquisition of Northern Empire Resources following a previously announced plan of arrangement.

Coeur has acquired issued and outstanding common shares of Northern Empire priced at 0.1850 shares in exchange for its common stock in addition to options and warrants, as part of the arrangement.

The acquisition is in line with Coeur’s strategy to deliver low-cost production and growth. It will help the company strengthen its development pipeline with high-quality growth projects.

Coeur has engaged BMO Capital Markets as its financial advisor for the transaction, while Goodmans LLP, Gibson, Dunn & Crutcher LLP, Perkins Coie LLP, and Lawson Lundell LLP were engaged as legal advisers.

Based in the US, the acquirer company is engaged in mining precious metals, while the target company is a gold exploration and development organisation in Canada.

Novo Resources has completed the acquisition of Farno McMahon.

Novo paid A$150,000 ($106.3m) in cash and an additional A$2.35m ($1.7m) in cash and issued approximately 1.25 million common shares to Farno shareholders.

Based in Canada, Novo is engaged in the evaluation, acquisition and exploration of gold properties, while Farno is an Australia-based proprietary limited exploration company.

“The company currently holds 16.45 million common shares equivalent to 22.68% interest in Filo.”

Zebra Holdings and Investments has acquired an additional 1.91 million common shares priced at C$2.19744 a share of Filo Mining for a total consideration of C$4.2m.

Zebra gained approximately 2.63% interest in Filo’s issued and outstanding share capital through the acquisition. The company currently holds 16.45 million common shares equivalent to 22.68% interest in Filo.

Based in Luxembourg, Zebra Holdings is controlled by a trust settled by the late Adolf H Lundin, while Filo Mining is in Canada and the Filo del Sol project developer.

Americas Silver Corporation and Pershing Gold Corporation have entered a definitive agreement to merge their businesses and create a low-cost, precious metals company in the Americas.

The newly formed company will focus on operating and building low-risk, low-capital, high-return projects.

Common shareholders of Pershing Gold will receive 0.715 common shares of Americas Silver in exchange for each common share of Pershing held by them. The preferred shareholders can either exchange their shares for new non-voting preferred shares of Americas Silver or take common shares of Americas Silver based on the exchange ratio.

Existing shareholders of Americas Silver will hold approximately 64% in the new company on an undiluted basis, while Pershing will own the remaining 36% following the transaction.

Based in Canada, Americas Silver is a junior silver producer with assets in the Americas, while Pershing Gold is a US-based company currently focused on advancing the Relief Canyon mine.

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