Mr. Ewan Downie reports
PREMIER ANNOUNCES RECEIPT OF MEXICAN ANTI-TRUST APPROVAL & CONDITIONAL LISTING APPROVAL FOR I-80 GOLD
The Federal Economic Competition Commission in Mexico (COFECE) has granted approval of Premier Gold Mines Ltd.'s proposed arrangement with Equinox Gold Corp. The Toronto Stock Exchange has conditionally approved the listing of the common shares of i-80 Gold Corp. in connection with the arrangement. These two items represent the last two major regulatory closing items for completion of the arrangement.
It is expected that closing of the transaction whereby Equinox will acquire Premier will occur as soon as possible in early April, 2021, and holders of Premier shares at closing will receive 0.1967 share of Equinox and 0.4 share of i-80. Subsequent to this closing, i-80's shares are expected to be listed on the Toronto Stock Exchange under the symbol IAU.
About Premier Gold Mines Ltd and i-80 Gold Corp.
Premier is a gold producer and respected exploration and development company with a high-quality portfolio of precious metals projects in proven, accessible and safe mining jurisdictions in Canada, the United States and Mexico. On Dec. 16, 2020, Equinox Gold Corp. and Premier Gold Mines announced that the companies have entered into a definitive arrangement agreement whereby Premier will transfer its U.S. gold properties to i-80 and spin out 70 per cent of the i-80 shares to Premier's shareholders, following which Equinox Gold will acquire all of the outstanding shares of Premier pursuant to the arrangement.
Premier remains focused on creating i-80 as a Nevada-focused mining company with an organic pipeline of assets to achieve mid-tier gold producer status. Following completion of the arrangement, i-80 intends to focus on the producing El Nino mine at South Arturo, as well as planning for future production growth through the potential addition of the phases 1 and 3 open pits at South Arturo, advancing the Pinson underground and open pit opportunities at the Getchell project, and completing permitting and the underground development plan for the 100-per-cent-owned McCoy-Cove property.
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