Diggers and Dealers, the part festival part conference that engulfs the town of Kalgoorlie this time each year, kicked off with news that Silver Lake Resources would buy Integra Mining. The announcement prompted jubilation all around. For Silver Lake, it represents an excellent purchase. For Integra management, it is an honourable exit. And for the gathering crowd, it was hope amid a darkening mood.
Silver Lake will exchange one share for 6.28 Integra shares, an arrangement that values Integra at about 45 cents per share, or $426m, a 40% premium to Integra’s pre-deal share price.