GTBAF - Great Bear Resources (GTBAF)(GBR:CA) - Acquisition by Kinross Expected to Close on or around February 24

Shareholder approval and final order. Following shareholder approval during a special meeting on February 14, Great Bear Resources obtained a final order from the Supreme Court of British Columbia approving the acquisition of Great Bear by Kinross Gold Corporation (TSX: K, NYSE: KGC, Not Rated).Transaction consideration. Based on elections received, Great Bear shareholders who elected to receive all cash consideration are subject to pro-ration and will receive ~C$26.16 in cash and ~0.3783 Kinross shares per Great Bear share. Shareholders who did not make an election were deemed to receive the all cash consideration, subject to pro-ration. Those electing to receive all shares will receive 3.8564 Kinross shares per Great Bear share. The pro-ration is subject to changes in the issued and outstanding Great Bear shares prior to the effective date of the transaction. Great Bear shareholders will also receive contingent consideration in the form of contingent value rights.Transaction expected to close on or around February 24. The transaction remains subject to customary closing conditions and is expected to close on or about February 24, 2022. Following transaction completion, Great Bear shares are expected to be delisted from the TSX-Venture Exchange and the OTCQX. The company expects to file an application to cease being a reporting issuer in applicable jurisdictions upon closing.Rating is Market Perform. Our rating is Market Perform based on the shares trading near fair value implied by the transaction terms. We believe the transaction is a win for both companies who contemplate the potential for a multi-deposit mine complex at Dixie, including a potential high-grade open pit mine and a long-life underground mine. Read More >>