Calibre Mining Corp. and Fiore Gold Ltd has announced the successful completion of the previously announced transaction pursuant to which, among other things, Calibre acquired all of the issued and outstanding common shares of Fiore (the Fiore shares) pursuant to a court-approved plan of arrangement (the arrangement).
Pursuant to the arrangement, former Fiore shareholders received 0.994 of a Calibre common share (each whole share, a Calibre share) and a cash payment of CAN$0.10 in exchange for each Fiore share held. As a result of the arrangement, Calibre issued an aggregate of 101 321 923 Calibre shares and made an aggregate cash payment of approximately CAN$10.2 million. Upon closing of the arrangement, existing Calibre and former Fiore shareholders own approximately 77% and 23% of the issued and outstanding Calibre shares, respectively.
As a result of the arrangement, Calibre acquired a 100% interest in Fiore’s operating Pan Gold Mine, adjacent advanced-stage Gold Rock Project and the past producing Illipah Gold Project in Nevada, as well as the Golden Eagle project in Washington State.
Calibre intends to cause Fiore to delist the Fiore shares from the TSX Venture Exchange, to submit an application to cease to be a reporting issuer and to otherwise terminate its public company reporting requirements as soon as possible thereafter. The Calibre shares issued under the arrangement are expected to be listed and posted for trading on the Toronto Stock Exchange.
Read the article online at: https://www.globalminingreview.com/finance-business/13012022/calibre-mining-completes-acquisition-of-fiore-gold/