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November 14, 2018updated 02 Nov 2021 8:34am

Silver Lake and Doray Minerals sign merger agreement

Silver Lake Resources has signed an agreement to merge with Doray Minerals through a scheme of arrangement to create a new mid-tier growth-focused gold producer.

Silver Lake Resources has signed an agreement to merge with Doray Minerals through a scheme of arrangement to create a new mid-tier growth-focused gold producer.

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As part of the terms of the agreement, Silver Lake will offer 0.6772 shares to Doray shareholders in return for each of their shares in the company.

Following the completion of the transaction, Silver Lake shareholders will own 62.7% of the combined entity and Doray shareholders will hold the remaining 37.3%.

The merger is said to be a move to combine the companies’ Mount Monger and Deflector high-grade gold operations in Western Australia, with a combined FY19 pro-forma production guidance of around 240,000 gold equivalent ounces.

Silver Lake Resources managing director Luke Tonkin said: “The combination of the complementary Silver Lake and Doray assets is being done for the right reasons at the right time and creates a stronger company in a low- risk jurisdiction with financial strength and further growth opportunities.”

The combined entity is expected to have a mineral resource base of 4.6 million gold equivalent ounces.

According to Silver Lake, the Mount Monger and Deflector operations offer several in-mine and near-mine brownfield exploration opportunities to the new company.

With advanced exploration prospects, the companies intend to capitalise on development opportunities to extend the mine lives at both operations.

“This transaction puts us in a position to not only compete, but to be a sustainable and relevant player in the global gold industry.”

Doray Minerals managing director Leigh Junk said: “This is a compelling transaction for Doray and provides the financial strength to fully unlock the value of Deflector.

“Both companies have recognised the challenges of being a significant producer in the gold business and this transaction puts us in a position to not only compete, but to be a sustainable and relevant player in the global gold industry.”

The transaction is subject to certain conditions, including an independent expert’s opinion, shareholder and court approvals.

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Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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