Vancouver’s Silver Standard to buy Claude Resources

Vancouver's Silver Standard Resources is acquiring fellow Canadian miner Claude Resources | Photo: Claude Resources

Silver Standard Resources (TSX:SSO) is buying fellow Canadian miner Claude Resources (TSX:CRJ) in a friendly deal that values the seller at $337 million, or $1.65 a share.

Vancouver-based Silver Standard announced Monday (March 8) it’s funding most of the deal for the Saskatoon miner through its own shares.

Claude Resources shareholders will own 32% of the combined company when the deal closes. Shareholders will be voting in mid-May whether to give the sale the greenlight.

The sale would give Silver Standard control of the two gold mines Claude Resources operates in northeastern Saskatchewan.

Shares of Claude Resources jumped to $1.54 when markets opened Monday morning, up from its Friday close of $1.27.