Merger of Torex Gold and Prime Mining to Create Diversified Americas-Focused Precious Metals Company

SEATTLE (Scrap Monster): According to a definitive agreement reached by Torex Gold Resources Inc. and Prime Mining Corp., Torex will purchase all of Prime Mining's issued and outstanding common shares in accordance with a plan of arrangement.

Details of the transaction

As a result of the deal, Torex will hold a 100% stake in Prime Mining's gold-silver property in Mexico called Los Reyes. According to the agreement, for every Prime Mining share retained, shareholders will get 0.060 of a common share of Torex. About 10.5 million Torex shares will be distributed to Prime Mining shareholders upon the transaction's completion. Also, about 10.7% of Torex will be owned by current Prime Mining stockholders.

What benefit the deal offers?

The aforementioned deal will establish a superior, diversified producer of copper, silver, and gold. By including a premium Mexican asset, Torex's asset base will become more diversified. Additionally, according to a press statement from the firm, it will greatly increase Torex's medium- and long-term growth potential.

Los Reyas Project

A combination underground and open-pit mine with an estimated mineral resource of 538 koz of gold and 21.6 moz of silver is located on the extremely promising Los Reyes Project.

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