Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) and Marathon Gold Corporation (TSX: MOZ) closed their previously announced merger, forming a mid-tier gold producer operating in multiple top-tier jurisdictions.
The company announced on Wednesday that former Marathon shareholders exchanged each Marathon Share they held for 0.6164 of a Calibre common share.
The arrangement also resulted in Calibre issuing a total of 249 million Calibre shares. After the merger closed, existing Calibre shareholders and former Marathon shareholders collectively owned approximately 65 per cent and 35 per cent of the issued and outstanding Calibre Shares, respectively.
The merger brought a 100 per cent interest in Marathon’s advanced stage Valentine Project in Newfoundland and Labrador, which is largely considered to be one of the top gold mining jurisdictions in the world. The combined company has an annual cash flow exceeding CAD$508 million.
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