MINING REFINING

Equinox gains sole ownership of Greenstone Gold Mine for $995m

Wed April 24 2024

Equinox Gold has secured full ownership of the Greenstone Gold Mine in Ontario by reaching a $995m (C$1.36bn) deal to acquire the remaining 40% stake in the mine from Orion Mine Finance Management.

Under the binding share purchase agreement (SPA), Equinox will issue 42 million common shares and make cash payments of $705m on closing and $40m by 31 December 2024.

This acquisition will be financed through a combination of a new $500m three-year term loan and a bought deal equity financing (offering) of around $260m.

The term loan is being provided by a syndicate of banks including the Bank of Nova Scotia, Bank of Montreal, ING Capital and National Bank of Canada.

Equinox also signed an agreement with underwriters led by BMO Capital Markets, National Bank Financial and Scotiabank for the equity financing.

The company plans to use the offering’s proceeds to fund the cash consideration of the SPA as well as for general working capital and corporate requirements such as paying down certain debts.

Source: https://www.mining-technology.com/