On closing, the Company paid cash consideration of US$51 million to Orion Mine Finance Group
Equinox Gold increases interest in Greenstone Project to 60%. (Credit: Adam Radosavljevic from Pixabay)
Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce that the Company has completed its acquisition of an additional 10% interest in the multi-million-ounce, fully permitted, construction-ready Greenstone Project in Ontario, Canada, as previously announced on March 1, 2021, bringing its total interest in the project to 60%.
On closing, the Company paid cash consideration of US$51 million to Orion Mine Finance Group. In addition, Equinox Gold assumed certain contingent obligations comprising:
- US$5 million in cash 24 months after a positive mine construction decision for the Greenstone Project; and
- Delivery of approximately 2,200 ounces of refined gold, the cash equivalent value of such refined gold, or a combination thereof, after production milestones of 250,000 ounces, 500,000 ounces and 700,000 ounces from the Greenstone Project.
The Greenstone Project will be advanced in a joint venture with Orion Mine Finance Group, bringing more than 240,000 attributable ounces of annual gold production to Equinox Gold when in production with significant upside potential from near-mine exploration and underground development.
Source: Company Press Release