Equinox wins proxy support for Calibre deal
Influential proxy advisory firms Institutional Shareholder Services (ISS) and Glass, Lewis & Co have thrown their weight behind Equinox Gold’s proposed all-share business combination with Calibre Mining.
Both proxy firms recommended that Equinox shareholders vote in favour of issuing common shares to facilitate the deal, which was first announced on February 23. The board and management of Equinox and Calibre are also unanimously supporting the transaction.
The merger would create a diversified gold producer with operations across five countries in the Americas and the potential to produce more than 1.2-million ounces a year of gold. Combined output from Equinox’s Greenstone and Calibre’s Valentine mines is expected to reach 590 000 oz/y once both are operating at full capacity.
“The combination brings immediate production growth at a time of record-high gold prices, which is expected to drive strong free cash flow and accelerate deleveraging,” Equinox said in a statement.
The company also flagged the opportunity for a re-rating, citing the new entity’s scale, growth outlook, and cash generation relative to peers.
Post-merger, the board will include six current Equinox directors and four from Calibre. Greg Smith, CEO of Equinox, will lead the combined company, with Calibre CEO Darren Hall serving as president and COO.
The shareholder vote will take place at 1:30 pm Vancouver time on April 24, with a proxy voting deadline set for April 22.
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