SSR Mining To Sell EMX Units For C$1.93/shr

(RTTNews) - SSR Mining Inc. (SSRM), a metals miner, said on Wednesday that it has inked a deal with Scotiabank under which Scotiabank will purchase by way of a block trade 6,161,524 units at a price of C$1.93 per unit.

Gross proceeds to SSR from the transaction, to be closed on December 22, 2023, are projected to be at C$11.891 million or around $8.9 million.

The proceeds of the sale will be used towards SSR's organic growth initiatives and ongoing capital returns.

Each unit consists of one freely-tradeable share of EMX Royalty Corp. (EMX) owned by SSR Mining and one right to purchase an additional share of EMX owned by SSR and together with the shares at a price of C$2.27 per share expiring on December 31, 2024.

If all of the options are exercised, the total gross proceeds to SSR Mining would be C$25.878 million or around $19.4 million at a blended price of C$2.10 per share.

Immediately prior to the Sale, SSR owned 12,323,048 shares of EMX representing around 11 percent of the issued and shares of EMX. As a result of the sale and prior to any exercise of the Options, SSR's ownership in EMX has decreased to 6,161,524 shares, representing around 5.5 percent of the issued and outstanding shares of EMX.

If all of the options are exercised, SSR Mining will own no shares of EMX.

SSRM was trading up by 0.18 percent at $11.20 per share in the pre-market trade on the Nasdaq.