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China’s leading gold mining company buys Guyana Goldfields Inc for C$323M
China’s leading gold mining company, Zijin Mining Group Co. Ltd has completed the proposed purchase Guyana Goldfields Inc. In a release to the media yesterday, it was announced that Zijin entered into a binding arrangement agreement which will allow it to acquire all of the outstanding common shares of Guyana Goldfields for cash consideration of C$1.85 for each Guyana Common Share, valuing Guyana Goldfields at approximately C$323 million.
On June 3, 2020, Guyana Goldfields had received a binding proposal from Zijin to acquire all of the issued and outstanding Guyana Common Shares and notified Silvercorp, a Canadian mining company that submitted the first proposal to purchase Guyana Goldfields, that a superior offer was received.
Silvercorp elected not to exercise its right to match and, as a result, Guyana Goldfields terminated the Silvercorp Arrangement Agreement. Zijin has since agreed to provide Guyana Goldfields with a US$30 million secured loan facility to finance ongoing operations of the Aurora gold mine and to fund its other liquidity needs.
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