{"id":1174835,"date":"2020-03-30T10:58:08","date_gmt":"2020-03-30T16:58:08","guid":{"rendered":"https:\/\/www.mining.com\/?p=1018613"},"modified":"2020-03-30T10:58:08","modified_gmt":"2020-03-30T16:58:08","slug":"excellon-otis-gold-get-proxy-firm-backing-for-merger","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1174835","title":{"rendered":"Excellon, Otis Gold get proxy firm backing for merger"},"content":{"rendered":"<p>Independent proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis &amp; Co. <a aria-label=\"have each recommended (opens in a new tab)\" rel=\"noreferrer noopener\" href=\"http:\/\/www.excellonresources.com\/news\/details\/index.php?content_id=235\" >have each recommended<\/a> that shareholders of Excellon Resources (TSX: EXN) and Otis Gold (TSXV: OOO) approve the proposed merger between the companies.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>In February, Excellon <a aria-label=\"announced its intention (opens in a new tab)\" rel=\"noreferrer noopener\" href=\"https:\/\/www.mining.com\/excellon-to-acquire-otis-in-all-share-deal\/\" >announced its intention<\/a> to acquire fellow Canadian precious metals miner Otis Gold in an all-share deal worth approximately $32.3 million.<\/p>\n<p>ISS and Glass Lewis said that the proposed transaction makes sense for Excellon shareholders as the combined entity would have a more diversified portfolio of assets, consisting of Excellon\u2019s high-grade Platosa silver mine in Mexico and Otis\u2019 Kilgore gold development project in Idaho.<\/p>\n<p>The proxy firms also stated that the combined entity would have more diversification across metals types, geographies, project type and project stage, with $10 million in cash and available funds to deploy.<\/p>\n<p>For Otis shareholders, the arrangement &#8220;makes strategic sense&#8221; given the significant implied premium and the going concern risk facing the company. Moreover, ISS and Glass Lewis noted that shareholders can still participate in potential upside developments and future growth opportunities of the combined business by receiving Excellon shares.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Excellon announced its intention to acquire Otis Gold last month in an all-share deal.<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2849,369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1174835"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1174835"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1174835\/revisions"}],"predecessor-version":[{"id":1174853,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1174835\/revisions\/1174853"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1174835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1174835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1174835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}