VANCOUVER – Fiore Gold Ltd. and Caliber Mining Corp. announced that voting could begin on their proposed merger, and they scheduled their shareholder meetings for the approval of the plan that allows Caliber to acquire Fiore, which operates the Pan mine in Nevada.
Fiore said the virtual special meeting of shareholders will be held on Jan. 5 to vote on whether Caliber will get all of Fiore’s shares, and the company urged shareholders to vote early. The voting deadline is December 31.
Caliber’s shareholders’ meeting will also take place on January 5 and will be virtual, according to that company’s announcement.
Fiore’s board supports the deal which gives Fiore shareholders an initial premium of 44% from the October 22 closing price, and Caliber’s board also recommends shareholders agree acquisition.
Fiore would merge with a company that already produces 170,000 to 180,000 ounces of gold per year and would produce approximately 245,000 ounces of gold per year at an all-in sustaining price of $1,020 per ounce after the acquisition.
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Caliber would get the Pan Mine in White Pine County, the nearby Gold Rock Development Project and the former Illipah Gold Project, also in White Pine County, as well as Fiore’s Golden Eagle exploration project in Fiore. State of Washington.
Fiore announced in October that the company produced 13,527 ounces of gold in the quarter ending September 30 and produced 45,397 ounces of gold for the year ending September 30. The company also said it expects a feasibility study for mining Gold Rock to come in the fourth quarter of next year.
Calibre, based in Vancouver, currently has two gold mines in production in Nicaragua.
The arrangement between Fiore and Caliber has a net worth of around $158 million. Once the deal is finalized, Caliber shareholders will have 78% ownership, Fiore shareholders 22%. B2Gold owns about 37% of Caliber shares, according to the deal announcement on Oct. 25.
Shareholders can find additional information on the Caliber and Fiore websites.