Mining M&A Sparks Market Action as Junior Miner Gets Acquired
Kicking off the week, a significant mining sector acquisition has made headlines, sending shares of the acquired company sharply higher.
Shares of Reyna Silver (TSX-Venture: RSLV) (OTCQ: RSNVF) were on a tear this morning as the company announced that they have entered into a definitive agreement with Torex Gold Resources (TSX: TXG), under which Torex will acquire all outstanding shares of Reyna Silver (excluding those it already owns). The acquisition will be carried out through a court-approved plan of arrangement. Shareholders of Reyna Silver will receive cash consideration of CDN$0.13 per share.
"We are thrilled to announce that Reyna has entered a Definitive Agreement with Torex. In 2020, recognizing the need for producers to replenish their ounces, we set out to create a company with the premise of looking for projects with high-grade and district scale potential. We put together an outstanding portfolio of four projects in Mexico and Nevada. Taking each project from initial concept to proof of concept, the Reyna Board recognizes that in the current financing environment, the Torex offer allows these projects to remain as a portfolio and to have the necessary capital and expertise to move them to the next stage," said Jorge Ramiro Monroy, CEO of Reyna Silver.
Reyna Silver is a junior exploration company focused on high-grade, district-scale silver projects in Mexico and the U.S. In Nevada, it holds options to acquire majority interests in the Gryphon Summit and Medicine Springs Projects, both targeting multi-metal CRD and porphyry systems. In Mexico, Reyna fully owns the Guigui and Batopilas Projects, covering historically significant silver-producing districts in Chihuahua State.
Shares of RSLV are currently up 50% at $0.1275 while U.S. listed shares (RSNVF) are up 39.37% at $0.0913 in mid-morning trading.
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