Silver Standard acquires Claude Resources for $337m

Silver Standard acquires Claude Resources for $337m

Canada’s Silver Standard Resources (TSX:SSO) has acquired Claude Resources (TSX:CRJ) in a friendly takeover bid yesterday, having initially been announced in early March.

Silver Standard which operates mines in Argentina and the United States has acquired all outstanding shares of Claude Resources for US$0.185 of a Silver Standard share and $0.001 each in cash.

The transaction is valued at around $337 million leaving Claude’s shareholders with 32 per cent of the total company, which will be the new owner of the Seabee gold mine located in north-eastern Saskatchewan.

Both companies predict the new firm will generate the equivalent of 390,000 ounces of gold.

After the deal, Saskatchewan loses its only home-grown gold miner which generated a record-75,748 ounces of gold.