VANCOUVER, March 19, 2019 /PRNewswire/ - SSR Mining
Inc. (NASDAQ: SSRM) (TSX: SSRM) ("SSR Mining") announces
today the closing of its previously announced offering (the
"Offering") of $230 million aggregate
principal amount of 2.50% unsecured convertible senior notes due
2039 (the "Notes") (including $30
million pursuant to the exercise of the initial purchasers'
overallotment option). The initial conversion rate for the Notes
will be 54.1082 common shares (the "Shares") per $1,000 principal amount of Notes, equivalent to
an initial conversion price of approximately $18.48 per Share.
SSR Mining intends to use the net proceeds of the Offering to
repurchase, in separate privately negotiated transactions,
approximately $150 million of its
outstanding $265 million 2.875%
convertible senior notes (the "2013 convertible notes") and for
general corporate purposes.
Paul Benson, President and CEO
commented, "Completing this Offering provides certainty to our
capital structure, while lowering the interest rate of our
debt. With our existing 2013 convertible notes having an
effective maturity on February 1,
2020, the Offering enables us to immediately repurchase
approximately $150 million of the
2013 convertible notes and provides the capital to redeem the
outstanding balance early next year. The refinancing also maintains
our conservative leverage ratio and provides a stronger capital
base as we continue investing in our assets and evaluating further
opportunities that will benefit our shareholders. We believe
cash remains a strategic asset and provides a competitive advantage
in market conditions that remain challenging for equity
capital."
The Notes, and the Shares into which the Notes are convertible,
have not been and will not be registered under the U.S. Securities
Act of 1933, as amended (the "Securities Act"), or qualified by a
prospectus in Canada. The Notes
and the Shares may not be offered or sold in the United States absent registration under
the Securities Act or an applicable exemption from registration
under the Securities Act and may not be offered or sold in
Canada except pursuant to
exemptions from the prospectus requirements of applicable Canadian
provincial and territorial securities laws.
This news release is neither an offer to sell nor the
solicitation of an offer to buy the Notes or the Shares into which
the Notes are convertible, and shall not constitute an offer to
sell or solicitation of an offer to buy, or a sale of, the Notes or
the Shares into which the Notes are convertible in any jurisdiction
in which such offer, solicitation or sale is unlawful.
About SSR Mining
SSR Mining Inc. is a Canadian-based precious metals producer
with three operations, including the Marigold gold mine in
Nevada, U.S., the Seabee Gold
Operation in Saskatchewan, Canada
and the 75%-owned and operated Puna Operations joint venture in
Jujuy, Argentina. We also have two
feasibility stage projects and a portfolio of exploration
properties in North and South
America. We are committed to delivering safe production
through relentless emphasis on Operational Excellence. We are also
focused on growing production and Mineral Reserves through the
exploration and acquisition of assets for accretive growth, while
maintaining financial strength.
For further information contact:
W. John DeCooman, Jr.
Senior Vice President, Business Development and Strategy
SSR Mining Inc.
Vancouver, BC
Toll free: +1 (888) 338-0046
All others: +1 (604) 689-3846
E-Mail: invest@ssrmining.com
To receive SSR Mining's news releases by e-mail, please
register using the SSR Mining website at
www.ssrmining.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information within
the meaning of Canadian securities laws and forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 (collectively, "forward-looking
statements"). All statements, other than statements of
historical fact, are forward-looking statements. Generally,
forward-looking statements can be identified by the use of words or
phrases such as "expects," "anticipates," "plans," "projects,"
"estimates," "assumes," "intends," "strategy," "goals,"
"objectives," "potential," "believes," or variations thereof, or
stating that certain actions, events or results "may," "could,"
"would," "might" or "will" be taken, occur or be achieved, or the
negative of any of these terms or similar expressions. The
forward-looking statements in this news release relate to, among
other things, the proposed terms of the Offering and the proposed
use of proceeds of the Offering. These forward-looking statements
are subject to a variety of known and unknown risks, uncertainties
and other factors that could cause actual events or results to
differ from those expressed or implied, including, without
limitation, those various risks and uncertainties identified under
the heading "Risk Factors" in our most recent Annual Information
Form filed with the Canadian securities regulatory authorities and
included in our most recent Annual Report on Form 40-F filed with
the U.S. Securities and Exchange Commission. Our forward-looking
statements are based on what our management considers to be
reasonable assumptions, beliefs, expectations and opinions based on
the information currently available to it. We cannot assure you
that actual events, performance or results will be consistent with
these forward-looking statements, and management's assumptions may
prove to be incorrect. Our forward-looking statements reflect
current expectations regarding future events and speak only as of
the date hereof and we do not assume any obligation to update
forward-looking statements if circumstances or management's
beliefs, expectations or opinions should change other than as
required by applicable law. For the reasons set out above, you
should not place undue reliance on forward-looking
statements.
All references to "$" in this news release are to U.S.
dollars unless otherwise stated.
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SOURCE SSR Mining Inc.