Evolution Mining Limited (ASX: EVN) has announced that through a wholly owned Canadian subsidiary, it has entered into an agreement with Newmont Goldcorp Corporation to acquire 100% of the Red Lake gold complex.
The company has agreed to pay Newmont Goldcorp US$375 million in cash upon closing of the Transaction, and up to an additional US$100 million payable upon new resource discovery.
Evolution also committed to invest US$100 million on existing operations and an additional US$50 million in exploration at Red Lake during the first three-year post-completion off the transaction.
The associated and transaction costs will be funded by a new five-year A$600 million Senior Unsecured Term Loan.
The transaction is expected to close around March 2020.
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