Business
Aris Gold And GCM Mining Combine To Create A Leading Americas Gold Producer
Creates a company with larger scale and significant free cash flow to unlock shareholder value Substantial combined gold reserve of 3.8 Moz and resource base of
About this update from Aris Mining Corp
[{"type":"text","content":" Creates a company with larger scale and significant free cash flow to unlock shareholder value Substantial combined gold reserve of 3.8 Moz and resource base of 18.3 Moz Measured & Indicated and 7.7 Moz Inferred1 Strengthened mine-building, operating and financial capacity Streamlined corporate structure with direct realizable synergies No premium, all-share business combination TORONTO and VANCOUVER, BC, July 25, 2022 /CNW/ - GCM Mining Corp. (GCM) (TSX: GCM) (OTCQX: TPRFF) and Aris Gold Corporation (Aris Gold) (TSX: ARIS) (OTCQX: ALLXF) announce they have entered into a definitive agreement (the Arrangement Agreement) under which GCM will acquire all the outstanding Aris Gold shares not already held by GCM (the Transaction). The resulting entity will be named Aris Gold Corporation and will be led by Ian Telfer as Chair and Neil Woodyer as CEO and Director. Ian Telfer, Aris Gold Chair, stated: \"The combined group creates a top-in-class company with multiple tier one assets. After Aris Gold became operator of the Soto Norte joint venture, joining forces with GCM became a logical next step. Our increased scale will also broaden our future opportunities to continue building a +1 million ounce producer over the next few years.\" Serafino Iacono, Executive Chair of GCM, stated: Each team has unique strengths with GCM being the Colombian leader for responsible, sustainable mining practices. Together with Aris Gold's Board and management, the combined group brings a track record of building sizable and successful mining companies; this transaction further diversifies the company's portfolio and reaffirms Colombia as an area of focus. While I am stepping down from a day-to-day executive role, I will remain a director and advisor on matters in Colombia as well as an enthusiastic securityholder.\" Neil Woodyer, CEO of Aris Gold, stated: \"We are building a gold mining business with scale, cash flow, a strong financial position with US$397 million of cash and US$260 million of additional committed funding, and a high-quality growth pipeline. Our teams are well known to each other, and together we will optimize the delivery of the growth projects to unlock shareholder value.\" Under the terms of the Transaction, all the outstanding Aris Gold shares not held by GCM will be exchanged at a ratio of 0.5 of a common share of G...