Calibre Reminds SecurityHolders to Vote For the Combination with Equinox
Calibre Mining Corp. (CXBMF) is approaching a important vote for its proposed business combination with Equinox Gold Corp. The special meeting is scheduled for April 24, 2025, with a voting deadline of April 22, 2025. Leading proxy advisory firm ISS has recommended shareholders vote FOR the arrangement, citing significant strategic benefits.
The merger would create the second-largest gold producer in Canada, with potential production of over 1.2 million ounces annually from mines across five countries. The combined entity would be led by Greg Smith as CEO and Darren Hall as President and COO, with a board comprising six Equinox and four Calibre directors.
Key benefits include:
- Substantial free cash flow from increased production
- Two new long-life mines expected to produce 590,000 ounces annually
- Enhanced market re-rating potential
- Significant operational synergies
Calibre Mining Corp. (CXBMF) si avvicina a un voto importante riguardo alla proposta di fusione con Equinox Gold Corp. L'assemblea straordinaria è fissata per il 24 aprile 2025, con scadenza per il voto il 22 aprile 2025. La principale società di consulenza proxy ISS ha raccomandato agli azionisti di votare FAVOREVOLMENTE all'accordo, evidenziando rilevanti benefici strategici.
La fusione creerebbe il secondo più grande produttore d'oro in Canada, con una potenziale produzione di oltre 1,2 milioni di once all'anno da miniere situate in cinque paesi. La società risultante sarà guidata da Greg Smith come CEO e Darren Hall come Presidente e COO, con un consiglio di amministrazione composto da sei membri di Equinox e quattro di Calibre.
I principali vantaggi includono:
- Notevoli flussi di cassa liberi derivanti dall'aumento della produzione
- Due nuove miniere a lunga durata con una produzione prevista di 590.000 once all'anno
- Maggiore potenziale di rivalutazione sul mercato
- Importanti sinergie operative
Calibre Mining Corp. (CXBMF) se acerca a una votación importante sobre su propuesta de combinación empresarial con Equinox Gold Corp. La reunión especial está programada para el 24 de abril de 2025, con fecha límite para votar el 22 de abril de 2025. La reconocida firma de asesoría proxy ISS ha recomendado a los accionistas votar A FAVOR del acuerdo, destacando beneficios estratégicos significativos.
La fusión crearía al segundo mayor productor de oro en Canadá, con una producción potencial de más de 1.2 millones de onzas anuales provenientes de minas en cinco países. La entidad combinada será dirigida por Greg Smith como CEO y Darren Hall como Presidente y COO, con una junta directiva compuesta por seis directores de Equinox y cuatro de Calibre.
Los beneficios clave incluyen:
- Flujos de caja libre sustanciales gracias al aumento en la producción
- Dos nuevas minas de larga duración que se espera produzcan 590,000 onzas anuales
- Mayor potencial de reevaluación en el mercado
- Sinergias operativas significativas
Calibre Mining Corp. (CXBMF)는 Equinox Gold Corp.와의 제안된 사업 결합에 대한 중요한 투표를 앞두고 있습니다. 특별 회의는 2025년 4월 24일로 예정되어 있으며, 투표 마감일은 2025년 4월 22일입니다. 주요 의결권 자문 회사인 ISS는 주주들에게 전략적 이점이 크다며 찬성 투표를 권고했습니다.
이번 합병으로 캐나다에서 두 번째로 큰 금 생산업체가 탄생하며, 5개국에 걸친 광산에서 연간 120만 온스 이상의 생산이 기대됩니다. 합병된 회사는 Greg Smith가 CEO로, Darren Hall이 사장 겸 COO로 이끌며, 이사회는 Equinox 출신 6명과 Calibre 출신 4명으로 구성됩니다.
주요 이점은 다음과 같습니다:
- 증가된 생산으로 인한 상당한 자유 현금 흐름
- 연간 59만 온스 생산이 예상되는 두 개의 장기 광산
- 시장 재평가 가능성 향상
- 중대한 운영 시너지 효과
Calibre Mining Corp. (CXBMF) s'apprête à un vote important concernant sa proposition de fusion avec Equinox Gold Corp. L'assemblée spéciale est prévue pour le 24 avril 2025, avec une date limite de vote fixée au 22 avril 2025. La principale société de conseil en vote par procuration ISS recommande aux actionnaires de voter POUR cet accord, soulignant des avantages stratégiques majeurs.
La fusion créerait le deuxième plus grand producteur d'or au Canada, avec une production potentielle de plus de 1,2 million d'onces par an provenant de mines situées dans cinq pays. L'entité combinée serait dirigée par Greg Smith en tant que PDG et Darren Hall comme Président et COO, avec un conseil d'administration composé de six membres d'Equinox et quatre de Calibre.
Les principaux avantages incluent :
- Flux de trésorerie libre substantiels grâce à l'augmentation de la production
- Deux nouvelles mines à longue durée de vie avec une production attendue de 590 000 onces par an
- Potentiel accru de réévaluation du marché
- Synergies opérationnelles significatives
Calibre Mining Corp. (CXBMF) steht vor einer wichtigen Abstimmung über die vorgeschlagene Unternehmensfusion mit Equinox Gold Corp. Die außerordentliche Hauptversammlung ist für den 24. April 2025 angesetzt, die Abstimmungsfrist endet am 22. April 2025. Die führende Proxy-Beratungsfirma ISS hat den Aktionären empfohlen, FÜR die Vereinbarung zu stimmen und verweist auf erhebliche strategische Vorteile.
Die Fusion würde den zweitgrößten Goldproduzenten Kanadas schaffen, mit einer potenziellen Jahresproduktion von über 1,2 Millionen Unzen aus Minen in fünf Ländern. Das kombinierte Unternehmen wird von Greg Smith als CEO und Darren Hall als Präsident und COO geleitet, der Vorstand besteht aus sechs Equinox- und vier Calibre-Direktoren.
Wesentliche Vorteile umfassen:
- Erhebliche freie Cashflows durch gesteigerte Produktion
- Zwei neue langlebige Minen mit erwarteter Jahresproduktion von 590.000 Unzen
- Verbessertes Markt-Neubewertungspotenzial
- Signifikante operative Synergien
- Creation of second-largest gold producer in Canada
- Expected substantial free cash flow increase from higher production
- Portfolio diversification across five countries
- Significant operational synergies expected
- Strong growth potential from two new long-life, low-cost mines
- Glass, Lewis & Co. recommends against the merger
- Dilution of existing Calibre shareholders' ownership
Leading Independent Proxy Advisory Firm ISS Recommends Calibre SecurityHolders vote FOR the Proposed Arrangement with Equinox
- Deadline to vote your shares and stock options is Tuesday, April 22, 2025 at 10:00 a.m. (Vancouver time)
- The Board of Directors of Calibre recommends that Securityholders vote FOR the Arrangement Resolution.
- Leading independent proxy advisory firm has recommended in favour of the merger.
- For assistance in voting, please contact Laurel Hill Advisory Group by phone at 1-877-452-7184 (North American toll-free) or 1-416-304-0211 (outside North America), or by email at assistance@laurelhill.com
VANCOUVER, British Columbia, April 16, 2025 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) reminds holders of Calibre common shares (the “Shareholders”) and holders of options issued under Calibre’s amended and restated long-term incentive plan (the “Optionholders”, and together with Shareholders, the “Securityholders”) to vote ahead of the proxy voting deadline for the upcoming Special Meeting of Securityholders (the “Meeting”) scheduled for Thursday, April 24, 2025, at 10:00 a.m. (Vancouver time). The resolution on the agenda is the proposed business combination (the “Arrangement”) between Calibre and Equinox Gold Corp. ("Equinox") (TSX: EQX; NYSE-A: EQX).
ISS Recommends Voting FOR the Arrangement
Institutional Shareholder Services Inc. ("ISS"), a leading independent proxy advisory firm, has recommended that Securityholders vote FOR the Arrangement Resolution. This recommendation follows a thorough and independent review of the transaction. ISS believes that the proposed merger will deliver significant strategic benefits, including increased scale, diversification, and substantial synergies. They also highlight the opportunity for strong production growth and a potential re-rating in the market, making the merger a favorable outcome for Calibre Securityholders.
The Calibre Board of Directors fully supports the transaction and unanimously recommends that Securityholders vote FOR the Arrangement.
Strategic Rationale for the Business Combination
- An industry-leading team: Proven track record of delivery and shareholder value creation led by Ross Beaty, Blayne Johnson and Doug Forster of Featherstone Capital, who will all serve on the board of directors of the combined company. In total, six directors of Equinox and four directors of Calibre will serve on the board of directors of the combined company. Greg Smith, the President and Chief Executive Officer of Equinox, will continue as Chief Executive Officer of the combined company, and Darren Hall, the President and Chief Executive Officer of Calibre, will serve as President and Chief Operating Officer of the combined company with full responsibility of the combined operations going forward.
- Substantial free cash flow: Immediate increase in production at record high gold prices is expected to drive superior free cash flow, enabling the combined company to quickly deleverage and expediting the return of capital to shareholders.
- The second largest gold producer in Canada: Greenstone Gold Mine and Valentine Gold Mine, two new long-life, low-cost, open-pit gold mines, are expected to produce collectively 590,000 ounces1 of gold per year when at capacity.
- Significant re-rate potential based on valuation of peers: Greater scale, lower risk, near-term production growth, and superior free cash flow relative to peers, providing significant revaluation potential.
- A major diversified gold producer in the Americas: Potential for more than 1.2 million ounces2 of annual gold production from a portfolio of mines in five countries in the Americas.
- Exceptional growth profile: Additional production growth from the ramp-up of Valentine Gold Mine and a pipeline of development and expansion projects.
Your Vote is Important, No Matter How Many Shares or Stock Options You Hold.
The proxy voting deadline is Tuesday, April 22, 2025, at 10:00 a.m. (Vancouver time). Calibre strongly encourages all Securityholders to vote well in advance of the deadline.
Why ISS Supports the Arrangement
ISS concluded that the Arrangement provides a compelling strategic rationale and issued a positive recommendation for shareholders to vote FOR the proposed arrangement with Equinox. The basis for ISS’s recommendation outlined in their report includes several reasons including:
- The strategic rationale for the deal is sound. They believe the combined company will be able to harness benefits from diversification and scale, with potential further upside to be captured through re-rating and an enhanced capital markets profile.
- The company will be led by an experienced board and management team. The proposed leadership of Calibre and Equinox have a demonstrated track record of successfully acquiring and integrating other gold mining assets and creating substantial shareholder value.
- The transaction is fair to shareholders of Calibre. Calibre board of directors received an independent Fairness Opinion from both National Bank Financial Inc. and Canaccord Genuity Corp. who each found the transaction to be fair from a financial point of view to shareholders of Calibre.
- The valuation is credible, and the combined company will receive leadership and oversight from members of Calibre and Equinox boards and leadership teams which have a proven track record in M&A.
- Additional benefits to Calibre shareholders. Calibre shareholders will benefit from enhanced scale and diversification across a portfolio of high-quality mines that provide strong expected growth in production, particularly with the ramp-up of the Valentine Gold Mine.
- Operational synergies that will contribute to a stronger financial position.
While Glass, Lewis & Co. recommends an against vote, Calibre's Board remains confident in the strategic merits of the merger and believes that the transaction will drive long-term value for Shareholders. The combination with Equinox will position the company to capture substantial value through economies of scale, operational synergies, and diversification, which aligns with Calibre's long-term growth strategy.
Meeting and Voting Information
The Meeting will be held on Thursday, April 24, 2025, at 10:00 a.m. (Vancouver time) at the offices of Cassels Brock & Blackwell LLP, Suite 2200, RBC Place, 885 West Georgia Street, Vancouver, British Columbia. The Meeting can also be accessed via live webcast at meetnow.global/MZLUU6Z. Securityholders accessing the Meeting virtually will not be able to participate or vote. For complete details and access to all relevant documents related to the Meeting, please visit the Calibre website https://www.calibremining.com/investor-relations/agm-materials/default.aspx.
Securityholder Assistance
Securityholders who have questions about voting their shares or stock options, or need assistance may contact the Company’s proxy solicitation agent, Laurel Hill Advisory Group:
- Toll-Free (North America): 1-877-452-7184
- International (Outside North America): +1-416-304-0211
- Email: assistance@laurelhill.com
About Calibre
Calibre (TSX: CXB) is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for Securityholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.
ON BEHALF OF THE BOARD
“Darren Hall”
Darren Hall, President & Chief Executive Officer
For further information, please contact:
Ryan King
SVP Corporate Development & IR
T: 604.628.1012
E: calibre@calibremining.com
W: www.calibremining.com
Calibre’s head office is located at Suite 1560, 200 Burrard St., Vancouver, British Columbia, V6C 3L6.
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The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward Looking Information
This news release includes certain "forward-looking information" and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", “assume”, "intend", “strategy”, “goal”, “objective”, “possible” or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. These include, without limitation, statements with respect to: the approval of the Arrangement by the Calibre Securityholders; application for a final order of the court approving the Arrangement and the approval thereof by the court; timing for closing the Arrangement; Calibre and the combined company’s plans and expectations with respect to the proposed Arrangement, the expectations regarding exploration potential and production capabilities of the combined company; the potential valuation of the combined company following completion of the Arrangement; the accuracy of the pro forma financial position and outlook of the combined company following completion of the Arrangement; the expected benefits of the new board and management team of the combined company; and the anticipated impact of the proposed Arrangement on the combined company’s results of operations, financial position, growth opportunities and competitive position.
These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the possibility that Calibre Securityholders may not approve the Arrangement or Securityholders of Equinox may not approve the share issuance; the risk that any other condition to closing of the Arrangement may not be satisfied; the risk that the closing of the Arrangement might be delayed or not occur at all; the risk that the either Calibre or Equinox may terminate the Arrangement Agreement and either Calibre or Equinox is required to pay a termination fee to the other party; potential adverse reactions or changes to business or employee relationships of Calibre or Equinox, including those resulting from the announcement or completion of the Arrangement; the diversion of management time on transaction-related issues; the ultimate timing, outcome and results of integrating the operations of Calibre and Equinox; the effects of the business combination of Calibre and Equinox , including the combined company’s future financial condition, results of operations, strategy and plans; the ability of the combined company to realize anticipated synergies in the timeframe expected or at all; changes in capital markets and the ability of the combined company to finance operations in the manner expected; the risk that Calibre or Equinox may not receive the required court, stock exchange and regulatory approvals to effect the Arrangement; the risk of any litigation relating to the proposed Arrangement; the risk of changes in laws, governmental regulations or enforcement practices; the effects of commodity prices, life of mine estimates; the timing and amount of estimated future production; the risks of mining activities; the fact that operating costs and business disruption may be greater than expected following the public announcement or consummation of the Arrangement; and other risks and uncertainties set out in Calibre’s annual information form for the year ended December 31, 2024, its management discussion and analysis for the year ended December 31, 2024 and other disclosure documents of the Company filed on the Company’s SEDAR+ profile at www.sedarplus.ca.
Calibre's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. Calibre does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.
1 Average annual production as estimated in the most recent technical reports for each project, which are available for download on each company’s website and on SEDAR+.
2 Mid-point of Equinox Gold’s 2025 guidance plus mid-point of Calibre’s 2025 guidance, on a full-year basis, plus an additional 65,000 ounces with Greenstone at capacity and 200,000 ounces with Valentine at capacity. Does not include any production from Equinox’s Los Filos Gold Mine or either company’s expansion projects.
FAQ
When is the voting deadline for Calibre Mining's (CXBMF) merger with Equinox?
What is the expected gold production of the combined Calibre-Equinox entity?
Who will lead the combined Calibre-Equinox company after the merger?
What is the projected gold production from the new Greenstone and Valentine Gold mines?
