Silver Standard to buy Claude Resources

Silver Standard Resources (TSX:SSO) has a friendly deal to acquire Saskatoon-based Claude Resources, which operates a gold mine in northeastern Saskatchewan. The offer values Claude Resources (TSX:CRJ) at C$377 million in total or the equivalent of about $1.65 per share – mostly from shares of Vancouver-based Silver Standard.

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Claude’s shareholders would own about 32 per cent of the combined company.

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The companies – which have a total of three operating mines in Canada, the United States and Argentina – estimate the combined operation would produce the equivalent of 390,000 ounces of gold.

Silver Standard is offering 0.185 of a common share and one-hundredth of a cent in cash per Claude Resources share.