18 Nov 2015listing compliance notice● NeutralMajor
Coeur Mining, Inc.'s exchange filed to remove a class of its securities from listing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 June 2015debt financing● Neutral
Coeur replaced that Scotia loan with a larger $100 million term loan from a Barclays-led lender group, again for working capital and general corporate needs.
17 Apr 2015business combination▲ GoodMajor
Coeur completed its acquisition of Paramount Gold and Silver: Paramount first spun its Nevada assets off to its own shareholders, then became a wholly-owned Coeur subsidiary.
2 Apr 2015debt financing● Neutral
Coeur borrowed $50 million from Bank of Nova Scotia on a one-year loan to fund working capital.
16 Mar 2015business combination● Neutral
Coeur and Paramount filed Amendment No. 3 to the S-4, with the joint proxy statement dated and first mailed on 16 March 2015. It set special shareholder meetings for 17 April 2015 and kept the fixed 0.2016 Coeur share exchange ratio per Paramount share.
6 Mar 2015business combination● Neutral
Coeur and Paramount amended their merger agreement on 3 March 2015 so the tax-opinion closing condition required an opinion that the merger 'should' qualify as a reorganization. The maturity of Coeur's loan note to Paramount was also extended from one year to five years.
4 Mar 2015business combination● NeutralMajor
Amendment No. 2 is the version that carries a real change: the merger agreement itself was amended on March 3, 2015, the day before filing, and both special meetings were fixed for April 17 off a February 24 record date, with the two tax opinions now attached. The 0.2016 exchange ratio still stands, fixed and unadjusted for any move in either share price.
9 Feb 2015business combination● NeutralMajor
Amendment No. 1 to the registration for Coeur's acquisition of Paramount Gold and Silver, adding the counsel's legality opinion and refreshed consents needed before effectiveness. The deal it registers splits Paramount in two: Coeur takes the Mexican San Miguel business at 0.2016 Coeur shares per Paramount share - about $143.9 million on Raymond James' arithmetic - while Paramount's Nevada Sleeper assets are spun out to Paramount holders as SpinCo, leaving them with 95.1% of the spin-off and roughly 24% of Coeur.
13 Jan 2015material agreement▲ GoodMajor
Separately from the Paramount deal, Coeur agreed to buy the Wharf gold mine in South Dakota from Goldcorp for $105 million in cash.
7 Jan 2015business combination● NeutralMajor
Coeur registered the shares for a two-part deal with Paramount Gold and Silver: Paramount holders receive 0.2016 Coeur shares -- a fixed ratio, not adjusted for any move in either share price -- for each Paramount share, while Paramount's Nevada Sleeper project is first spun into a separate company (SpinCo) kept by those same holders. What Coeur actually buys is the Mexican San Miguel project, assembled by Paramount through third-party deals between 2005 and 2009.
18 Dec 2014business combination● NeutralMajor
Coeur agreed to acquire Paramount Gold and Silver in an all-stock merger; Paramount will first spin off its Nevada mining assets to its own shareholders, and once the deal closes former Paramount holders will own about 24% of Coeur.
6 Oct 2014material agreement termination▲ Good
Coeur agreed to buy out a long-running royalty that Franco-Nevada held on its Mexican operations, paying $2 million now, with the royalty's full termination to take effect once a minimum royalty payment threshold is later met.