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Equinox Gold Agrees To Acquire Orla Mining To Form Combined Gold Producer

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Equinox Gold (EQX) said Wednesday it agreed to acquire Orla Mining (ORLA) to create a combined North American gold producer.

Under the arrangement, target shareholders will receive one Equinox common share and a nominal cash payment of $0.0001 for each share held, the company said.

The combined entity is projected to have an implied market capitalization of roughly $18.5 billion and generate about 1.1 million ounces of annual gold production, Equinox Gold said.

Existing Equinox investors will own about 67% of the new organization while former Orla shareholders will hold the remaining 33% stake upon the expected Q3 closing, it said.

Shares of Orla Mining were up 3% in Wednesday premarket activity.

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