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News Breaks
December 13, 2012
08:11 EDTPPPPrimero 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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November 11, 2015
06:52 EDTPPPPrimero Mining announces planned succession of Ernest Mast to CEO
Primero Mining announced the planned appointment of COO Ernest Mast as president and CEO and director of the board effective January 31, 2016. Joseph Conway, the company's CEO since its inception will assume the role of executive vice chairman as part of an established succession plan. The company is in advanced stages of hiring a replacement for Mast's operational responsibilities.

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