Bunker Hill Mining (BNKR.TO) entered a definitive agreement to acquire Silver47 Exploration (AGA.V) to create a US-focused critical minerals company.
The combined company, which will have a pro forma basic market capitalization of $326 million, will rebrand as Bunker Hill Silver and remain listed on the Toronto Stock Exchange, Bunker Hill said Friday.
The transaction will combine the Bunker Hill mine in Idaho with Silver47's propect pipeline in Alaska, Nevada and New Mexico.
The share exchange ratio implies consideration of $0.67 per Silver47 share, representing a 38% premium to Silver47's Thursday closing price and a 30% premium to its 20-day volume-weighted average price.
"This is a 'Made in America' transaction at a time when the US domestic mining industry, its investors and the users of U.S. metals need new, ambitious leaders capable of safely building and operating profitable mines as well as conducting highly prospective exploration and other strategic acquisitions," Bunker Hill Executive Chairman Richard Williams said.