Silver Standard Announces Sale of Snowfield and Brucejack Projects

Silver Standard Resources Inc. (NASDAQ:SSRI, TSE:SSO) enters into an agreement to sell its Snowfield and Brucejack Projects to Pretium Resources Inc.

The press release is quoted as saying:

Under the terms of the Sale Agreement, Silver Standard will receive total consideration of $450 million, consisting of a minimum of $215 million in cash and the balance in common shares of Pretium valued at the offering price of such shares under an initial public offering being undertaken by Pretium (the “IPO”). The amount of the purchase price payable in cash will increase by the amount of the proceeds realized by Pretium under the IPO in excess of $265 million. On completion of the transaction, Silver Standard’s ownership interest in Pretium is expected to be less than 50%.

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