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SSR Mining enters into purchase agreement with Silvercrest Metals

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Global Mining Review,

SSR Mining Inc. has entered into an agreement with SilverCrest Metals Inc. to purchase, by way of private placement, 8 220 645 common shares of SilverCrest at a price of CAN$3.73 per common share for total consideration of CAN$30 663 006 (the private placement).

Paul Benson, President and CEO of SSR Mining said: "SilverCrest's Las Chispas project is a compelling investment proposition for SSR Mining by providing exposure to an exciting high-grade development project with exploration upside in a favourable mining jurisdiction. We look forward to building a relationship with SilverCrest, who have demonstrated a successful track record of discovering economic deposits that develop into operating mines while establishing strong local support of stakeholders including the government, ejidos and communities."

The private placement is expected to close on or about 7 December 2018, following which SSR Mining will own 9.9% of the issued and outstanding common shares of SilverCrest on a non-diluted basis. The subscription agreement entered into by the parties contains certain investor rights which protect SSR Mining. Closing of the private placement is subject to the receipt by SilverCrest of all necessary regulatory approvals, including the approval of the TSX Venture Exchange and the NYSE American Stock Exchange. All common shares issued under the private placement will be subject to a four month and a day hold period under applicable Canadian securities laws that will expire on 8 April 2019.

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Canadian mining news