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Maverix Metals (NYSE:MMX) shares gained 4% Thursday morning after the gold-focused royalty and streaming firm entered into definitive merger settlement with Triple Flag Valuable Metals (NYSE:TFPM).
Pursuant to a plan of association, Triple Flag (TFPM) will purchase all the issued and excellent frequent shares of Maverix (MMX). Maverix (MMX) shareholders might elect to obtain both US$3.92 in money or 0.360 of a Triple Flag share per Maverix share held, representing share consideration of US$3.92 per Maverix share primarily based on the closing worth of Triple Flag shares on November 9, 2022.
The acquisition worth implies a complete fairness worth for Maverix (MMX) of US$606M on a totally diluted foundation. Upon deal closing, present Triple Flag (TFPM) and Maverix (MMX) shareholders would personal ~77% and 23% of the mixed firm, respectively, on a totally diluted foundation.
The deal creates a gold-focused rising senior streaming and royalty firm. The mixed firm will proceed as Triple Flag Valuable Metals, headquartered in Toronto, Ontario, and can be led by Shaun Usmar as CEO. It’ll proceed to pay an annualized dividend of $0.20 per Triple Flag share.
In reference to the transaction, it’s anticipated that Maverix frequent shares can be delisted from the TSX and the NYSE American and that Maverix will stop to be a reporting issuer below Canadian and U.S. securities legal guidelines.
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