THUNDER BAY, ON, March 29, 2021 /CNW/ - Premier Gold Mines Limited ("Premier" or the "Company") (TSX: PG) (OTCPK: PIRGF) is pleased to announce that Federal Economic Competition Commission in Mexico(COFECE) has granted approval of the proposed arrangement with Equinox Gold Corp. ("Equinox"). The Company would also like announce that Toronto Stock Exchange ("TSX") has conditionally approved the listing of the common shares of i-80 Gold Corp. ("i-80") 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 shares of Equinox and 0.4 shares of i-80. Subsequent to this Closing, i–80's shares are expected to be listed on the Toronto Stock Exchange under the symbol TSX:IAU.
About Premier & i-80
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 December 16, 2020, Equinox Gold Corp. and Premier Gold Mines Limited announced that the companies have entered into a definitive arrangement agreement whereby Premier will transfer its US gold properties to i-80 and spin–out 70% 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 & 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%-owned McCoy-Cove Property.
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws including but not limited to the ability of the Corporation and i-80 to satisfy the Escrow Release Conditions, the receipt of conditional approval of the TSX for the listing of the SpinCo Shares and the completion of the Arrangement within the timeframe described herein, or at all. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
Although the forward-looking statements contained in this release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release.
SOURCE Premier Gold Mines Limited
For further information: Ewan Downie, President & CEO, 1.888.346.1390, Info@premiergoldmines.com, www.premiergoldmines.com