Prime Mining Achieves Significant Regulatory Milestone for Deal
Prime Mining Receives Approval for Transaction with Torex Gold
Vancouver, British Columbia — Prime Mining Corp. (TSX: PRYM) (OTCQX: PRMNF) has achieved an important milestone with the recent clearance decision from the Comisión Federal de Competencia Económica (COFECE). This approval is essential for the company's planned arrangement with Torex Gold Resources Inc. Under this arrangement, Torex aims to acquire all issued shares of Prime.
Details of the Arrangement
As part of the agreement, shareholders of Prime Mining will receive 0.060 of a common share of Torex for each share they hold in Prime. Scott Hicks, the CEO of Prime Mining, expressed satisfaction with the COFECE's decision, stating that it is a key regulatory approval that significantly advances their mutual goals with Torex.
Anticipated Timeline and Impact
The expected completion of this arrangement is set for a week in October. Once finalized, the Prime shares will be delisted from the Toronto Stock Exchange, the OTCQX, and the Frankfurt Stock Exchange. Additionally, Prime Mining plans to cease being a reporting issuer under applicable securities laws in Canada following the de-listing.
Overview of Prime Mining
Prime Mining is strategically managed by an experienced team of mining executives and capital markets professionals, all dedicated to tapping into the potential of the Los Reyes Project. The management structure is robust, backed by significant insider ownership, and is designed to optimize the company's value.
Contact and Further Information
Individuals interested in learning more can visit Prime Mining's website directly or reach out for more information. Scott Hicks serves as the CEO, along with Indi Gopinathan, the VP of Capital Markets and Business Development. The company is headquartered in Vancouver, BC, and welcomes inquiries at +1(604) 238-1659 or info@primeminingcorp.ca.
Frequently Asked Questions
What is the recent regulatory approval related to?
The recent regulatory approval concerns Prime Mining's arrangement to be acquired by Torex Gold Resources Inc.
What will shareholders receive from the arrangement?
Each shareholder of Prime Mining will receive 0.060 of a common share of Torex for every share they own.
When is the expected completion date of the arrangement?
The arrangement is anticipated to be completed in a week during October.
What impact will the arrangement have on Prime's stock listings?
Post-arrangement, Prime shares will be delisted from major exchanges and the company will cease to be a reporting issuer.
Who can be contacted for more information about Prime Mining?
For inquiries, individuals can reach out to Scott Hicks, CEO, or Indi Gopinathan, VP of Capital Markets, via phone or email provided above.
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