08:25 AM EDT, 10/04/2024 (MT Newswires) -- (Updates with additional details in the fourth and fifth paragraphs.)

Coeur Mining ( CDE ) has agreed to acquire SilverCrest Metals ( SILV ) in an all-share transaction valued at about $1.7 billion, the companies said Friday.

Under the terms of the deal, SilverCrest shareholders will receive about 1.6 Coeur shares for each SilverCrest share they own, implying a price of $11.34 per SilverCrest share.

On completion of the transaction, expected in Q1, Coeur stockholders will hold about 63% of the combined company and SilverCrest the rest, the companies said.

They also said that SilverCrest Chief Executive N. Eric Fier and one other current SilverCrest director will become directors of Coeur at closing.

The combined company is expected to produce about 21 million ounces of silver from five North American operations, and about 432,000 ounces of gold next year, the companies added.

SilverCrest shares rose about 12% in recent premarket activity while Coeur shares were down more than 4%.

Price: 6.79, Change: -0.29, Percent Change: -4.10