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News Breaks | | | | December 13, 2012 | | 08:11 EDT |  | PPP | Primero Mining to acquire Cerro Del Gallo for about C$119M
Primero Mining announced that it has entered into a definitive agreement with Cerro Resources whereby Primero will acquire all of the issued and outstanding common shares of Cerro by way of a scheme of arrangement under the Australian Corporations Act 2001. Under the terms of the Arrangement, each Cerro shareholder will receive 0.023 of a Primero common share for each Cerro common share held. Additionally Cerro shareholders will receive 80.01% of the common shares of a newly incorporated company. Spinco will assume Cerro's interests in the Namiquipa, Espiritu Santo, Mt Philp and Kalman projects, shares in Syndicated Metals Limited and approximately $4M in cash. Primero will purchase a 19.99% interest in Spinco with anti-dilution rights for two years. Primero will also be entitled to appoint a director to the Spinco board of directors. Excluding the value of the Spinco exploration assets, the offer represents an implied 62% premium to Cerro's 20-day volume weighted average price and a 77% premium to the spot closing price at December 12. Upon completion of the Arrangement, existing Primero shareholders and Cerro shareholders will own approximately 85% and 15%, respectively, of the issued common shares of Primero. The total transaction value is approximately $119M. | |
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News For PPP From The Last 14 Days Check below for free stories on PPP the last two weeks. |
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| May 21, 2013 | | 07:14 EDT | | PPP | Primero Mining announces exploration results at San Dimas mine
Primero Mining announced results of recent drilling at its San Dimas mine in Mexico. Results indicate that the Victoria vein, discovered in 2012, extends into an adjacent ore block and that the Alexa vein, also discovered in 2012, continues west. These discoveries support the company's belief that this region has become a new nucleus of high-grade gold and silver mineralization capable of supporting future mining at the San Dimas mine. The company is systematically targeting mineralization located in close proximity to existing infrastructure along the prolific central corridor. The company's planned $15M 2013 exploration program includes 74,000 metres of diamond drilling, broken into 34,000 metres of exploration drilling and 40,000 metres of delineation drilling. In addition, the company is undertaking 3,800 metres of exploration drifting. | | | May 15, 2013 | | 12:00 EDT |  | PPP | Primero Mining falls 7.5%
Primero Mining is down 7.5%, or 41c, to $5.07 | |
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