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Defiance Silver and ValOro Resources Sign Definitive Merger Agreement
Vancouver, British Columbia--(Newsfile Corp. - November 6, 2018) - Defiance Silver Corp. (TSXV...
About this update from Defiance Silver Corp.
[{"type":"text","content":"Defiance Silver and ValOro Resources Sign Definitive Merger AgreementVancouver, British Columbia--(Newsfile Corp. - November 6, 2018) - Defiance Silver Corp. (TSXV: DEF) (\"Defiance\") and ValOro Resources Inc. (TSXV: VRO) (\"ValOro\") are pleased to announce that, further to their News Release dated September 17, 2018, Defiance and ValOro have signed a Definitive Arrangement Agreement (\"Definitive Agreement\") dated November 5, 2018 to complete their friendly merger (\"Transaction\"). ValOro has arranged a special shareholder meeting for December 17, 2018 to vote on the merger and related matters.The Transaction has the unanimous support of both companies' Boards of Directors and Officers and will create a leading Mexico focused explorer with an advanced portfolio of silver and gold projects. The combined company will continue under the name of Defiance Silver Corp.Pursuant to the terms of the Definite Agreement, each ValOro shareholder will receive 0.71 common shares of Defiance for each share of ValOro held. This represents a 54.3% premium to the closing price of ValOro's shares based on the closing price of Defiance's shares on the TSX Venture Exchange on the date the LOI was signed and a 98.2% premium to the 60 day VWAP of ValOro's shares based on the 60 day VWAP of Defiance's shares on the Exchange preceding the date the LOI was signed. Shareholders of Defiance will not have to exchange their shares of Defiance in the Transaction. Upon completion of the Transaction, the combined company will have approximately 119 million common shares outstanding, of which former shareholders of Defiance will own approximately 87% and the former shareholders of ValOro will own approximately 13%.Peter J. Hawley, President and CEO of Defiance, stated \"We are pleased to have signed the definitive agreement and look forward to launching a leading Mexican explorer, that combines two excellent advanced projects, a best-in-class Board of Directors and a proven exploration team.\"Dunham Craig, President and CEO of ValOro, stated \"We believe this transaction provides significant upside for ValOro shareholders by combining two advanced stage projects that are drill ready with potential expansion of known resources and in the case of the Tepal project, potentially further enhancing demonstrated economic viability. We look forward to a dynamic fut...