Centerra and Premier pursuant of MoU
Orion will acquire Centerra's 50% interest Premier Gold Mines and Centerra Gold announces that an affiliate of the Orion Mine Finance Group, has entered into an agreement with Centerra and Premier pursuant to which Orion will acquire Centerra's 50% interest in the Greenstone Gold Mines-GGM Partnership for cash consideration of US$225 million plus certain contingent payment obligations of approximately US$75 million, described below. Premier currently owns the other 50% of GGM. GGM’s principal asset is the Hard rock Mine Project located on the Trans-Canada Highway near Gerald ton, Ontario, Canada and represents one of the most significant large-scale, permitted, mine development opportunities in North America. Under the terms of the Purchase Agreement, Premier and Centerra, through their respective affiliates, will cause GGM to provide a guarantee to Centerra in respect of the obligations of Orion to make the Contingent Payments, if any, and with respect to an ea...