07:19 AM EDT, 10/04/2024 (MT Newswires) -- Coeur Mining, Inc. ( CDE ) and SilverCrest Metals Inc. ( SILV ) entered Friday into a definitive agreement whereby a wholly-owned subsidiary of Coeur will acquire all of the issued and outstanding shares of SilverCrest pursuant to a court-approved plan of arrangement.

Shares in Silvercrest were at last look up more than 8% in US premarket trade on the move.

Under the terms of the agreement, SilverCrest shareholders will receive 1.6022 Coeur common shares for each SilverCrest common share. A statement said the exchange ratio implies consideration of US$11.34 per SilverCrest common share, based on the closing price of Coeur common shares on the New York Stock Exchange on October 3, 2024. It added this represents an 18% premium based on 20-day volume-weighted average prices of Coeur and SilverCrest each as at October 3, 2024 on the NYSE and NYSE American, respectively, and a 22% premium to the October 3, 2024 closing price of SilverCrest on the NYSE American. This implies a total equity value of approximately US$1.7 billion based on SilverCrest's common shares outstanding.

Upon completion of the transaction, existing Coeur stockholders and SilverCrest shareholders will own approximately 63% and 37% of the outstanding common stock of the combined company, respectively.

Silvercrest edged up $0.05 to $12.59 on the TSX yesterday.