SilverCrest Metals’ securityholders have approved the company’s $1.7bn acquisition by US-based precious metals producer Coeur Mining.
The deal, structured as a plan of arrangement, will see Coeur Mining acquire all issued and outstanding shares of SilverCrest. The vote was passed at a special meeting of securityholders held this week.
The arrangement was approved by 99.32% of the votes cast by shareholders, 99.34% of votes from shareholders and optionholders voting as a single class, and 99.31% of shareholder votes excluding those required to be excluded under Canadian securities regulations.
The transaction is expected to close on or around 14 February 2025, subject to final regulatory approvals, including clearance from the Supreme Court of British Columbia and the satisfaction of customary closing conditions.
Previously announced in October 2024, the definitive agreement outlines that SilverCrest Metals’ shareholders will receive 1.6022 Coeur Mining common shares for each SilverCrest share held.
Based on this exchange ratio, the transaction values SilverCrest Metals at $11.34 per share.
SilverCrest Metals, listed on the Toronto Stock Exchange (TSX) and NYSE American, is a Vancouver-based precious metals producer focused on the Las Chispas underground silver-gold operation in Sonora, Mexico.
The mine commenced production in late 2022.
Coeur Mining, listed on the New York Stock Exchane (NYSE), operates four wholly owned mines, namely the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, the Wharf gold mine in South Dakota, and the Palmarejo underground gold-silver complex in Mexico.
It also owns the Silvertip polymetallic critical minerals exploration project in British Columbia, Canada.
Upon completion of the acquisition, Coeur Mining shareholders will hold approximately 63% of the combined entity, while SilverCrest Metals shareholders will own the remaining 37%.
Coeur Mining expects to produce approximately 21 million ounces of silver in 2025 across its five North American operations, following the expansion of the Rochester and Palmarejo mines and the addition of the Las Chispas mine.
