Dundee Precious Metals Completes Acquisition of INV Metals
TORONTO, July 26, 2021 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX:DPM) (“DPM” or the “Company”) is pleased to announce the successful completion of its previously
announced acquisition of INV Metals Inc. (“INV Metals”) pursuant to a court-approved plan of arrangement (the “Arrangement”). Pursuant to the Arrangement, each former INV Metals shareholder is
entitled to receive 0.0910 of a DPM common share for each INV Metals common share held.
DPM has acquired all of the outstanding common shares of INV Metals which it did not already own. Following the completion of the acquisition, DPM has 192,691,628 common shares issued and outstanding, of which approximately 5.5% are owned by former INV shareholders.
“Loma Larga is a high-quality development project with the potential to add meaningful production growth to our portfolio and generate significant value for our stakeholders. The project is well-aligned with our proven strengths as an environmentally and socially responsible mining company, and we look forward to engaging with all national and local stakeholders,” said David Rae, DPM’s President and Chief Executive Officer.
“Our approach to developing the Loma Larga project will reflect our firm commitment to the highest standards for engagement with local communities and environmental stewardship, and will leverage our technical depth, financial strength and our strong track record of delivering innovative solutions to unlock Loma Larga’s significant potential for the benefit of all stakeholders.”
Adding a High-Quality Development Project
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The Loma Larga gold project (“Loma Larga” or “the Project”) is well-aligned with DPM’s core strengths and unique capabilities to unlock value. The Project has similar geology and is expected to have a similar mining method and processing flowsheet to the Chelopech mine, which DPM has developed into a modern and efficient underground mine. DPM intends to further engage with all stakeholders, as it did prior to the development of its Ada Tepe mine, which is now a highly successful DPM operation that enjoys strong support from both local communities and the national government in Bulgaria.