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Fortuna Silver acquiring Roxgold for $1.1 billion

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Fortuna Silver Mines Inc. [FVI-TSX, Lima; FSM-NYSE; F4S-FSE] said Monday April 26 that it has signed a definitive deal to acquire West Africa-focused Roxgold Inc. [ROXG-TSX; ROGFF-OTCQX] for $1.1 billion. Under the terms of the transaction, Roxgold shareholders will receive 0.283 common shares of Fortuna and $0.001 for each Roxgold common share held. When the…

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Fortuna Silver Mines Inc. [FVI-TSX, Lima; FSM-NYSE; F4S-FSE] said Monday April 26 that it has signed a definitive deal to acquire West Africa-focused Roxgold Inc. [ROXG-TSX; ROGFF-OTCQX] for $1.1 billion.

Under the terms of the transaction, Roxgold shareholders will receive 0.283 common shares of Fortuna and $0.001 for each Roxgold common share held. When the transaction is complete, Fortuna and Roxgold shareholders will own approximately 64.3% and 35.7% of the pro forma company, respectively.

The exchange ratio implies a consideration of approximately $2.73 per Roxgold common share based on the closing price of Fortuna common shares on the TSX on April 23, 2021, or a 42.1% premium to the closing price of Roxgold on the TSX on the same date.

Based on the 20-day volume weighted average price of Fortuna shares on the TSX during the period ended April 23, 2021, the exchange ratio implies a premium of 40.4% to Roxgold shareholders.

Roxgold shares jumped 14.6% or 28 cents to $2.20 on volume of 17.05 million. The shares were previously trading in a 52-week range of $2.08 and $1.09.

Fortuna eased 16.8% or $1.62 to $8.02 on volume of 4.2 million to trade in a 52-week range of $12.61 and $3.56.

Roxgold is a Canadian-based mining company that is aiming to be the next multi-asset gold producer in West Africa. The company owns and operates the high-grade Yaramoko Mine Complex located on the Hounde greenstone belt in western Burkina Faso. It is also advancing the development and exploration of the Seguela Gold Project in Côte D’Ivoire.

Yaramoko is expected to produce between 120,000 and 130,000 ounces of gold this year at an all-in-sustaining cost of US$895-US$975/oz.

Fortuna is a precious metals producer with a focus on Latin America. Its key assets are the Caylloma silver mine in southern Peru, the San Jose silver-gold mine in Mexico and the Lindero project in the Argentinian puna 260 km due west of Salta City.

In the joint statement, the companies said the transaction creates a premier growth-oriented global intermediate gold and silver producer, well positioned to pursue compelling organic and inorganic growth opportunities.

The combined company is expected to produce 450,000 ounces of gold equivalent annually at an all-in-sustaining cost of approximately US$950/oz.

The deal is backed by officers and directors of Roxgold, holding 3.52% of the total Roxgold shares. They have entered into support agreements with Fortuna.


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Catholic church unveils new system for reporting sexual abuse committed or covered up by bishops

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Victims and advocates say a new system for reporting sexual abuse and cover-ups by Catholic bishops appears to be a case of “optics over substance” and may not go far enough to protect those at risk of being abused.

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wdr Patrick McMahon

Victims and advocates say a new system for reporting sexual abuse and cover-ups by Catholic bishops appears to be a case of “optics over substance” and may not go far enough to protect those at risk of being abused.


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These South Asians in Toronto are helping with India’s COVID-19 crisis — while managing their grief from afar

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As India grapples with a deadly surge in COVID-19 cases, many South Asians in the Toronto area are rallying together to help. 

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COVID-19 VISHNU MANDIR O2 FOR INDIA

As India grapples with a deadly surge in COVID-19 cases, many South Asians in the Toronto area are rallying together to help. 


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Kahun back with McDavid: When it comes to the forward line blender, Tippett slices and dices with the best of them

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Author of the article: David Staples  •  Edmonton Journal Edmonton Oilers Connor McDavid (97) gets knocked off the puck by Vancouver Canucks Quinn Hughes (43) during NHL action at Rogers Place in Edmonton, May 6, 2021. Photo by Ed Kaiser /Postmedia This in from the Edmonton Oilers, new line combinations, with the DYNamite Line of…

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David Staples  •  Edmonton Journal

Edmonton Oilers Connor McDavid (97) gets knocked off the puck by Vancouver Canucks Quinn Hughes (43) during NHL action at Rogers Place in Edmonton, May 6, 2021. Photo by Ed Kaiser /Postmedia This in from the Edmonton Oilers, new line combinations, with the DYNamite Line of Leon Draisaitl, Kailer Yamamoto and Ryan Nugent-Hopkins reunited, William Lagesson paired with Adam Larsson, and Dominik Kahun on the same line as Connor McDavid and Jesse Puljujarvi.

This from Oilers play-by-play ace Jack Michaels:

Practice today (minus P. Russell & Kulikov)…

Kahun-McDavid-Puljujarvi

RNH-Draisaitl-Yamamoto

Ennis/Neal-McLeod-Chiasson

Shore-Khaira-Archibald

Nurse-Barrie

Lagesson-Larsson

Jones-Bear

Koekkoek-Bouchard

Oilers line combinations, on-ice numbers 5X5, from Natural Stat Trick My take 1.  When it comes to blendering up the forward lines, Edmonton Oilers coach Dave Tippett is now slicing and dicing with the best of them. Of course, this is garbage time for the Oilers’ season where they’re unlikely to move up or down the standings. They’re playing out the string until the playoffs, striving to remain both healthy but also sharp and competitive at the same time. They’re playing what amounts to Exhibition games-plus. It’s a good time to experiment with forward lines and Tippett is taking advantage of that fact, changing up the lines every few games.

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2. It’s hard to judge each line over a short amount of time but that’s all Tippett has to go on at this point, these small amounts of time each trio has been together. What we see is that this year the most productive line has been Connor McDavid, Leon Draisaitl and Kailer Yamamoto, which in 134 minutes together has scored 12 goals and given up just two. That’s out-of-this-world production, even better than what we saw from the DYNamite Line last year, when RNH, Draisaitl and Yamamoto scored 30 goals and gave up just nine.

3. The problem with the Oil’s most successful line is that it sees McDavid and Draisaitl combining well, but it’s likely that success in the playoffs will be predicated on having McDavid and Draisaitl leading their own lines, delivering that kind of one-two punch. Tippett has searched for an effective second line this year. He found it last year with the DYNamites, but that same line hasn’t done so well together so far this year, with three goals for and five against in 81 minutes. But, again, that’s a small sample size, and some of those minutes came when RNH was just back from a concussion. It’s a shrewd move to go back to the line now to see if it can again function at a high level.

4. I also like the line of McDavid, Puljujarvi and Kahun, a trio which has had some success in the smallest of samples, with three goals for and just one against in 35 minutes. Kahun loves to pass the puck and Puljujarvi is progressing as a shooter and passer. Both are solid enough defensively. I also like the line because it puts Puljujarvi in a more prominent spot, becoming the primary sniper. I have high hopes for this line.

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5. In recent games, Tippett tried out Kahun, RNH and Yamamoto. They played together 58 minutes and worked some tricky passing plays but didn’t score much, just one goal, while giving up two. The line did have some good moments against the Canucks, but I doubt that a trio of three smaller players will have much success in the heavy slogging of the playoffs.

6. It’s not a great bargaining point for RNH that each of the three top lines he’s been on here haven’t done so well.  But perhaps he can turn that around now with Drai and Yamo.

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