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The Consideration values IDM at approximately C$0.086 per share, representing a premium of approximately 54% to IDM shareholders based on the trailing 20-day volume weighted average price of each company as of the close of trading on January 4, 2019. Upon completion of the Transaction, it is expected that IDM shareholders will hold approximately 16.7% of Ascot shares on an outstanding basis.
Benefits of the Arrangement include:
- The combination of the two companies will result in a compelling resource base of high-grade measured and indicated gold-silver resources positioning Ascot as a consolidator of the southern Golden Triangle;
- Complementary management teams with a combined skill set of mining development, operations, finance, exploration and community relations experience; locally-based team of miners, drillers and support team;
- Two, 15+ km long early-Jurassic geological trends totaling 25,000 hectares, which host multiple advanced deposits with significant potential new high-grade gold discoveries located 25 kms from each other;
- Geographic and regulatory proximity, with all assets located within Treaty territory of the Nisga’a Nation, near the prominent mining communities of Stewart, British Columbia and Hyder, Alaska;
- A solid infrastructure foundation at Premier, which includes a process mill, tailings storage facility, power and water treatment facilities; and
- Strong, supportive combined corporate, retail and institutional shareholder base providing enhanced market visibility.