Americas Gold And Silver To Acquire Crescent Silver For $65 Million
Synopsis
In addition to high-grade silver, the Crescent mine also contains copper and antimony.
Americas Gold and Silver Corp. (USAS) announced on Thursday that it signed a binding agreement to acquire 100% of Crescent Silver, LLC, owner of the Crescent Mine in Idaho, for around $65 million.
The acquisition includes $20 million in cash and about 11.1 million USAS common shares, valued at roughly $45 million based on a price of $4 per share.
In addition to containing high-grade silver, the Crescent mine also contains copper and antimony.
To fund the cash portion, USAS entered into a “bought deal” private placement with Canaccord Genuity Corp. and BMO Capital Markets to raise gross proceeds of $65 million through equity financing.
USAS stock was down 2.9% in premarket trade.
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