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Silver Standard Resources (TSX:SSO) has a friendly deal to acquire Saskatoon-based Claude Resources, which operates a gold mine in northeastern Saskatchewan.
The offer values Claude Resources (TSX:CRJ) at C$377 million in total or the equivalent of about $1.65 per share — mostly from shares of Vancouver-based Silver Standard.
Claude’s shareholders would own about 32 per cent of the combined company.
“What it means for Claude, very little at the operation because the operation is performing very well,” Claude Resources president and CEO Brian Skanderbeg said. “From a shareholder perspective; premium valuation (and) exposure to a growing, mid tier gold and silver producer.”
The companies — which have a total of three operating mines in Canada, the United States and Argentina — estimate the combined operation would produce the equivalent of 390,000 ounces of gold.
Silver Standard is offering 0.185 of a common share and one-hundredth of a cent in cash per Claude Resources share.