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Friday, March 31, 2023

Fortuna Silver (NYSE: FSM) and Roxgold Finalize Merger Agreement

Fortuna Silver Mines Inc. (NYSE: FSM) disclosed that it has finalized the purchase of Roxgold. Both the firms disclosed that their investors have authorized the business merger which aimed to create a global premier growth-focused intermediate gold and silver producer. All the investors have provided the authorization for recommended purchase by Fortuna of all of the ordinary shares outstanding of Roxgold by way of a proposed plan of arrangement.

Previously, both the firms have inked the deal under which Fortuna will buy all the delivered and outstanding securities of Roxgold according to a plan of arrangement. As per the accord, Roxgold shareholders will obtain 0.283 common shares of Fortuna and C$0.001 for each Roxgold common stock owned. After the execution of the deal, existing Fortuna investors and ex-Roxgold stockholders will hold nearly 63.6% and 36.4% of the outstanding Fortuna Shares, respectively.

Furthermore, Fortuna will continue its business under the name “Fortuna Silver Mines Inc.” with the ticker symbol “FVI” on the Toronto Stock Exchange and “FSM” on the NYSE. On the other hand, Roxgold will become a fully-owned subsidiary of Fortuna. Roxgold will be removed from the Toronto Stock Exchange and an app will be made for Roxgold to stop being a reporting issuer.

Additionally, 96.65% of the votes were cast by the shareholder of Fortuna in favor of the issuance of more than 110,128,963 common shares of Fortuna to the shareholders of Roxgold in exchange for all of the issued and outstanding Roxgold Shares following the Arrangement. On the other hand, 84.80% votes of were cast by the shareholder of Roxgold in favor of the business combination.

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