- Equinox Gold (EQX, Financial) and Calibre Mining have amended their merger agreement, setting a new exchange ratio of 0.35 EQX shares for each Calibre share, with a 10% premium over Calibre's pre-announcement price.
- The combined entity will see Equinox shareholders owning 61% and former Calibre shareholders owning 39% of the company, with an expected gold production of over 1.2 million ounces annually.
- Shareholder meetings for both companies are adjourned to May 1, 2025, with strong preliminary support from Equinox's shareholders, with almost 70% of shares voted in favor.
Equinox Gold Corp. (EQX) and Calibre Mining Corp. have announced an amendment to their proposed business combination agreement, which was initially disclosed on February 23, 2025. Under the revised terms, Calibre shareholders are set to receive 0.35 common shares of Equinox Gold for each Calibre share they hold. This new exchange ratio offers a 10% premium to the closing price of Calibre shares on February 21, 2025, just before the deal was announced.
Upon finalization of the merger, current Equinox shareholders will own approximately 61% of the new merger entity, while former Calibre shareholders will hold about 39% on a fully diluted basis. This merger is projected to forge a major gold-producing company, expected to generate more than 1.2 million ounces of gold annually, focusing on regions with supportive mining regulations across the Americas.
Originally planned for April 24, 2025, the shareholder meetings for both Equinox Gold and Calibre Mining have been postponed to May 1, 2025. Equinox will hold its meeting at 1:30 pm, while Calibre will convene at 10:00 am, both in Vancouver time. Previous voting indicates strong backing from Equinox stakeholders, with around 70% of shares already voted affirmatively for the transaction.
The strategic rationale behind the merger remains the creation of a substantial and geographically diversified gold producer, enhancing operational excellence and ensuring increased value for shareholders. The companies hope this delay allows additional time for shareholders to consider the transaction details and vote accordingly.
