In 2018, Chifeng acquired Sepon before undertaking significant capital expenditures to redevelop the gold processing facility in order to double its future gold production. It operates five mining assets, including the world-class Sepon gold mine in Laos. As the winner of the Prospectors & Developers Association of Canada 2018 Environmental and Social Responsibility Award, Golden Star remains committed to leaving a positive and sustainable legacy in its areas of operation.Ĭhifeng is an international gold mining company listed on the Shanghai Stock Exchange with a market capitalization of approximately US$4.4 billion.
#GOLDEN STAR ORDER FREE#
Listed on the NYSE American, the Toronto Stock Exchange and the Ghanaian Stock Exchange, Golden Star is focused on delivering strong margins and free cash flow from the Wassa mine. Golden Star is an established gold mining company that owns and operates the Wassa underground mine in the Western Region of Ghana, West Africa.
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as its financial advisors as well as Goodmans LLP as its legal advisor. Chifeng has engaged Stifel Nicolaus Canada Inc. provided a fairness opinion to Golden Star's Board of Directors. as its exclusive financial advisor as well as Fasken Martineau DuMoulin LLP and Davis Graham & Stubbs LLP as its respective Canadian and United States legal advisors. Golden Star has engaged Canaccord Genuity Corp. In addition, it is expected that Golden Star will cease to be a reporting issuer under U.S., Canadian and Ghanaian securities laws following the completion of the Transaction. Upon completion of the Transaction, the Golden Star Shares are expected to be delisted from the NYSE American, the Toronto Stock Exchange and the Ghana Stock Exchange.
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Pursuant to and upon completion of the Transaction, Shareholders will receive total consideration, payable in cash, of US$3.91 (equivalent to approximately C$4.85 as of October 31, 2021) per Golden Star Share, which equates to a total Transaction value of approximately US$470 million on a fully-diluted, in-the-money basis. Pursuant to the Arrangement Agreement, Chifeng, through Chijin and the Assignee have agreed to acquire all of the issued and outstanding Golden Star Shares. The Arrangement is expected to be completed later in January 2022, subject to, among other things, receipt of all regulatory and stock exchange approvals, including in the People's Republic of China and in Ghana, and the satisfaction or waiver of conditions precedent as set forth in the Arrangement Agreement. The Transaction was previously approved by holders ("Shareholders") of common shares of Golden Star ("Golden Star Shares") at the special meeting of Shareholders held on December 30, 2021.