Evolution mining limited (asx:evn) agreed to acquire red lake complex in ontario from newmont goldcorp corporation (nyse:nem) for approximately $480 million.

Evolution mining limited (asx:evn) agreed to acquire red lake complex in ontario from newmont goldcorp corporation (nyse:nem) for approximately $480 million on november 25, 2019. the consideration includes $375 million in cash and contingent payments of up to an additional $100 million. the transaction is funded from aud 600 million ($406.855 million) 5 year term loan and 3 year performance bond facility of cad 125 million ($93.9785 million). completion of the transaction is subject to customary conditions including evolution receiving all required consents, permits and regulatory approvals. newmont intends to use proceeds from the transaction to support the capital allocation priorities of returning cash to shareholders, maintaining an investment-grade balance sheet, and investing in a world-class portfolio. the transaction is expected to occur around the end of march 2020. the goldman sachs served as financial advisor to evolution mining limited. mccarthy tÉtrault served as canadian legal adviser and allens served as the australian legal adviser to evolution mining limited. the acquisition is accretive to reserves, resources and production per share.
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