Lumina Gold Announces Acquisition by CMOC for C$581 Million
Lumina Gold Corp. (LMGDF) has announced a definitive agreement to be acquired by CMOC in an all-cash transaction valued at C$581 million. Under the agreement, CMOC will acquire all outstanding Lumina shares for C$1.27 per share, representing a 71% premium to Lumina's 20-day VWAP and 41% premium to the closing price as of April 17, 2025.
The transaction includes a concurrent US$20 million convertible note financing from CMOC with a 6.0% annual interest rate, convertible at C$1.00 per share. Shareholders representing 52.3% of Lumina shares have agreed to support the transaction. The deal is expected to close in Q3 2025, subject to shareholder approval and regulatory conditions.
The Cangrejos project, developed over 10 years from no defined resources to potentially becoming one of the largest gold projects globally, will transition to CMOC's ownership upon completion.
Lumina Gold Corp. (LMGDF) ha annunciato un accordo definitivo per essere acquisita da CMOC in un’operazione interamente in contanti del valore di 581 milioni di dollari canadesi. Secondo l’accordo, CMOC acquisirà tutte le azioni in circolazione di Lumina al prezzo di 1,27 C$ per azione, pari a un premio del 71% rispetto alla VWAP a 20 giorni di Lumina e del 41% rispetto al prezzo di chiusura del 17 aprile 2025.
L’operazione prevede un finanziamento contestuale tramite una nota convertibile da 20 milioni di dollari USA da parte di CMOC, con un tasso di interesse annuo del 6,0%, convertibile a 1,00 C$ per azione. Gli azionisti che detengono il 52,3% delle azioni Lumina hanno già dato il loro sostegno all’operazione. La chiusura è prevista per il terzo trimestre del 2025, subordinata all’approvazione degli azionisti e alle condizioni normative.
Il progetto Cangrejos, sviluppato in oltre 10 anni da risorse non definite a potenzialmente uno dei più grandi progetti auriferi al mondo, passerà sotto la proprietà di CMOC una volta completata l’operazione.
Lumina Gold Corp. (LMGDF) ha anunciado un acuerdo definitivo para ser adquirida por CMOC en una transacción completamente en efectivo valorada en 581 millones de dólares canadienses. Según el acuerdo, CMOC adquirirá todas las acciones en circulación de Lumina por 1,27 C$ por acción, lo que representa una prima del 71% sobre el VWAP de 20 días de Lumina y una prima del 41% sobre el precio de cierre al 17 de abril de 2025.
La transacción incluye una financiación simultánea mediante una nota convertible de 20 millones de dólares estadounidenses por parte de CMOC, con una tasa de interés anual del 6,0%, convertible a 1,00 C$ por acción. Los accionistas que representan el 52,3% de las acciones de Lumina han acordado apoyar la operación. Se espera que la transacción se cierre en el tercer trimestre de 2025, sujeta a la aprobación de los accionistas y a condiciones regulatorias.
El proyecto Cangrejos, desarrollado durante más de 10 años desde recursos no definidos hasta potencialmente convertirse en uno de los proyectos de oro más grandes del mundo, pasará a ser propiedad de CMOC una vez completada la operación.
Lumina Gold Corp. (LMGDF)는 CMOC에 의해 5억 8,100만 캐나다 달러 규모의 전액 현금 거래로 인수되는 확정 계약을 발표했습니다. 계약에 따라 CMOC는 루미나의 모든 발행 주식을 주당 1.27 캐나다 달러에 인수하며, 이는 루미나 20일 VWAP 대비 71%, 2025년 4월 17일 종가 대비 41%의 프리미엄을 의미합니다.
이번 거래에는 CMOC가 제공하는 연 6.0% 이자율의 2,000만 미국 달러 전환사채도 포함되며, 전환 가격은 주당 1.00 캐나다 달러입니다. 루미나 주식의 52.3%를 보유한 주주들이 거래를 지지하기로 동의했습니다. 이번 거래는 주주 승인과 규제 조건 충족을 전제로 2025년 3분기 완료될 예정입니다.
10년 이상에 걸쳐 정의되지 않은 자원에서 세계 최대 금광 프로젝트 중 하나로 성장한 Cangrejos 프로젝트는 거래 완료 후 CMOC 소유로 이전됩니다.
Lumina Gold Corp. (LMGDF) a annoncé un accord définitif visant son acquisition par CMOC dans le cadre d’une transaction entièrement en espèces d’une valeur de 581 millions de dollars canadiens. Selon cet accord, CMOC acquerra toutes les actions en circulation de Lumina au prix de 1,27 C$ par action, représentant une prime de 71 % par rapport au VWAP sur 20 jours de Lumina et une prime de 41 % par rapport au cours de clôture au 17 avril 2025.
La transaction comprend un financement simultané via une obligation convertible de 20 millions de dollars US de la part de CMOC, avec un taux d’intérêt annuel de 6,0 %, convertible à 1,00 C$ par action. Les actionnaires détenant 52,3 % des actions Lumina ont accepté de soutenir la transaction. La clôture est prévue pour le troisième trimestre 2025, sous réserve de l’approbation des actionnaires et des conditions réglementaires.
Le projet Cangrejos, développé sur plus de 10 ans, passant de ressources non définies à potentiellement l’un des plus grands projets aurifères mondiaux, sera transféré à la propriété de CMOC une fois l’opération finalisée.
Lumina Gold Corp. (LMGDF) hat eine endgültige Vereinbarung angekündigt, von CMOC in einer vollständig bar bezahlten Transaktion im Wert von 581 Millionen kanadischen Dollar übernommen zu werden. Gemäß der Vereinbarung wird CMOC alle ausstehenden Lumina-Aktien zu 1,27 C$ pro Aktie erwerben, was einer Prämie von 71 % gegenüber dem 20-Tage-VWAP von Lumina und einer Prämie von 41 % gegenüber dem Schlusskurs vom 17. April 2025 entspricht.
Die Transaktion beinhaltet eine gleichzeitige wandlungsfähige Anleihe in Höhe von 20 Millionen US-Dollar von CMOC mit einem jährlichen Zinssatz von 6,0 %, wandelbar zu 1,00 C$ pro Aktie. Aktionäre, die 52,3 % der Lumina-Aktien halten, haben der Transaktion zugestimmt. Der Abschluss wird für das dritte Quartal 2025 erwartet, vorbehaltlich der Zustimmung der Aktionäre und regulatorischer Bedingungen.
Das Cangrejos-Projekt, das über 10 Jahre von nicht definierten Ressourcen zu einem der weltweit größten Goldprojekte entwickelt wurde, geht nach Abschluss in das Eigentum von CMOC über.
- 71% premium offered to shareholders over 20-day VWAP
- All-cash transaction providing immediate value and liquidity
- US$20M convertible note financing secured for project development
- Strong shareholder support with 52.3% already committed to the deal
- Company will be delisted from TSXV after transaction completion
- C$23.28M termination fee if deal fails under certain circumstances
The Consideration represents a premium of approximately
As part of the Transaction, Lumina shareholders representing
Marshall Koval, CEO of Lumina, commented: "After advancing the Cangrejos project for over 10-years and taking it from no defined resources to being poised to be one of the largest gold projects globally, the Lumina Group is excited for the transition of the Cangrejos project to CMOC. The Lumina team looks forward to working with CMOC and all existing stakeholders to ensure the successful future development of the project."
Benefits to Lumina Shareholders
- Immediate and significant premium of approximately
71% and41% to the 20-day VWAP and the closing price, respectively - All-cash offer that is not subject to a financing condition, providing certainty of value and immediate liquidity
- Highly credible and capable counterparty with track record of successful M&A
- Concurrent interim financing for Lumina of
US to fund ongoing needs at the Cangrejos project$20 million - Removes future dilution, commodity and execution risk
Concurrent Convertible Note Financing
Concurrent with entering into the Arrangement Agreement, CMOC has entered into a subscription agreement with Lumina for the issuance of an aggregate principal amount of
The private placement is expected to close on or about April 30, 2025, and is not conditional on the closing of the Transaction. The private placement is subject to acceptance by the TSXV, including Lumina fulfilling the requirements of the TSXV. The Convertible Notes will be subject to a four month and one day hold period, pursuant to securities laws in
Transaction Terms
Pursuant to the terms and conditions of the Arrangement Agreement, signed on April 21, 2025, the holders of the issued and outstanding Lumina Shares will receive the Consideration. The Transaction will be carried out by way of a court-approved plan of arrangement under the Business Corporations Act (
The Arrangement Agreement contains customary reciprocal deal-protection provisions including a non-solicitation covenant and a "fiduciary out" that would allow Lumina to accept a superior proposal as defined in the Arrangement Agreement, subject to a right for CMOC to match any superior proposal. Under certain circumstances, CMOC would be entitled to a termination fee of
Pursuant to the Arrangement Agreement, all outstanding Lumina Options and Lumina RSUs which remain outstanding at the effective time of the Transaction will be deemed to be exercised or settled for their in-the-money value, net of withholding taxes, as applicable, under the arrangement for Lumina Shares, which will be exchanged for the Consideration.
Complete details of the Transaction will be included in a management information circular to be delivered to Lumina securityholders in the coming weeks.
Conditions to Completion
The completion of the Transaction is subject to a number of terms and conditions, including without limitation the following: (a) approval of the Lumina securityholders, as described below; (b) acceptance by the TSXV; (c) approval of the British Columbia Supreme Court; (d) there being no material adverse changes in respect of Lumina; and (e) other standard conditions of closing for a transaction of this nature. There can be no assurance that all of the necessary approvals will be obtained or that all conditions of closing will be satisfied.
The Transaction is subject to the approval at a special meeting of Lumina securityholders by (i) 66 2/3 percent of the votes cast by Lumina shareholders, (ii) 66 2/3 percent of the votes cast by Lumina shareholders, optionholders and holders of Lumina RSUs, voting together as a single class, and (iii) if required, a simple majority of the votes cast by the Lumina shareholders, excluding the votes cast by certain persons as required by MI 61-101 Protection of Minority Securityholders in Special Transactions.
Transaction Timeline
Pursuant to the Arrangement Agreement and subject to satisfying all necessary conditions and receipt of all required approvals, the parties anticipate completion of the Transaction in the third quarter of 2025. Following completion of the Transaction, the Lumina Shares will be de-listed from the TSXV and Lumina will cease to be a reporting issuer under Canadian securities laws.
Recommendations by the Board of Directors and Fairness Opinion
After consultation with its financial and legal advisors, and following the unanimous recommendation of a special committee of independent directors (the "Special Committee"), the board of directors of Lumina (the "Lumina Board") unanimously determined the Transaction is fair to Lumina shareholders, is in the best interest of Lumina and approved the entering into of the Transaction. The Lumina Board recommends that Lumina securityholders VOTE IN FAVOUR of the Transaction. RBC Capital Markets Inc. provided a fairness opinion to the Lumina Board, stating that, as of the date of such opinion and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the Consideration to be received by Lumina shareholders under the Transaction is fair, from a financial point of view, to such Lumina shareholders.
Advisors and Counsel
Moelis & Company LLC is acting as financial advisor to Lumina. RBC Capital Markets has provided a fairness opinion to the Lumina Board. Borden Ladner Gervais LLP, Skadden Arps Slate Meagher & Flom LLP, and Tobar ZVS are acting as legal counsel to Lumina in
BMO Capital Markets is acting as financial advisor to CMOC. McCarthy Tétrault LLP, Bustamante Fabara S.A.S. and Flor Bustamante Pizarro & Hurtado are acting as legal counsel to CMOC in
About Lumina Gold
Lumina Gold Corp. (TSXV: LUM) is a
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LUMINA GOLD CORP.
Signed: "Marshall Koval"
Marshall Koval, President & CEO, Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to: transitioning the development of the Cangrejos project to CMOC; the successful development of the Cangrejos project; TSXV approval of the private placement of the Convertible Notes; the expected closing of the private placement of the Convertible Notes; the anticipated use of proceeds to be raised from the private placement of the Convertible Notes; completion of the terms and conditions of the Transaction; receipt of Lumina shareholder and court approval of the Transaction; and the expected closing date of the Transaction. Often, but not always, forward-looking statements or information can be identified by the use of words such as "will" or "projected" or variations of those words or statements that certain actions, events or results "will", "could", "are proposed to", "are planned to", "are expected to" or "are anticipated to" be taken, occur or be achieved.
With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, metals prices, the timely receipt of necessary approvals, the Company's ability to comply with the terms and conditions of the Arrangement Agreement, no unplanned delays or interruptions, and expected
Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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SOURCE Lumina Gold Corp.
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