Coeur Mining, Inc. (NYSE:CDE) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01. Completion of Acquisition of Disposition of Assets.
On February 28, 2018, Coeur Mining, Inc. (the “Company” or “Coeur”) completed the previously announced sale (the “Transaction”) of its subsidiary Empresa Minera Manquiri S.A., a Bolivian sociedad anónima (“Manquiri”) to Ag-Mining Investments, AB (formerly NewCo 4714 Sweden AB under change of name to Argentum Investment AB) (the “Buyer”). Manquiri operates the San Bartolomé mine and processing facility near Potosì, Bolivia. The Company, Coeur South America Corp., a Delaware corporation (“CSA”), Coeur Explorations, Inc., an Idaho corporation (“CEE” and together with CSA and Coeur, the “Sellers”) completed the sale of 50% of the issued and outstanding shares of Manquiri in exchange for: (A) a 2.0% net smelter returns royalty on all metals processed through the San Bartolomé mine’s processing facility (commencing on the closing of the Transaction), (B) all value added tax refunds collected or received by Manquiri for any period ending on or before the closing date of the Transaction (net of reasonable collection expenses) and (C) promissory notes payable to the Sellers by the Buyer with an aggregate principal amount equal to $27.6 million, as adjusted to reflect Manquiri’s cash and cash equivalents as of the closing of the Transaction (the “Notes”). The Notes shall be repaid in equal monthly installments beginning on October 1, 2018 with a maturity date of September 1, 2019.
Additional information regarding the Transaction is provided in the Current Report on Form 8-K filed by the Company on December 26, 2017 and the Current Report on Form 8-K filed by the Company on February 16, 2018.
Unaudited pro forma financial information, giving effect to the sale Transaction, as required by Item 9.01(b) of Form 8-K is furnished as Exhibit 99.1 of this Current Report on Form 8-K.
Item 7.01. Regulation FD Disclosure.
On February 28, 2018, the Company issued a press release announcing the completion of the Transaction. A copy of the press release is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits.
(b)Pro Forma Financial Information
The Company’s unaudited pro forma condensed consolidated financial information as of December 31, 2017 and for the year ended December 31, 2017, which reflect the sale Transaction described in Item 2.01, is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
(d)List of Exhibits
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Exhibit No. |
Description |
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Unaudited pro forma condensed consolidated financial information of Coeur Mining, Inc. |
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Press Release dated February 28, 2018, issued by Coeur Mining, Inc. |
Coeur Mining, Inc. ExhibitEX-99.1 2 proformafinancialstatement.htm EXHIBIT 99.1 Exhibit Exhibit 99.1UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTSOn February 28,…To view the full exhibit click here
About Coeur Mining, Inc. (NYSE:CDE)
Coeur Mining, Inc. is a gold and silver producer. The Company’s segments include Palmarejo complex, Rochester, Kensington, Wharf and San Bartolome mines, and Coeur Capital. The Company also a non-operating interest in the Endeavor mine in Australia in addition to royalties on the El Gallo complex in Mexico, the Zaruma mine in Ecuador, and the Correnso mine in New Zealand. In addition, the Company has two silver-gold feasibility stage projects: the La Preciosa project in Mexico and the Joaquin project in Argentina. The Company also conducts exploration activities in Alaska, Argentina, Bolivia, Mexico, and Nevada. The Company owns strategic investment positions in several silver and gold development companies with projects in North and South America. It owns Coeur Capital, Inc., which primarily consists of the Endeavor silver stream as well as other precious metal royalties and strategic investments.