Alio Gold Inc. company history: the story so far

History

Alio Gold sold its San Francisco Mine in spring 2020, then merged with Argonaut Gold in a deal completed on July 1, 2020.

2017-2019: Growing the share base

The record seen here says little about Alio Gold's early years. What it does show is the share count: 44,678,701 shares at the end of 2017, 84,707,143 at the end of 2018 and 85,993,371 at the end of 2019. The disclosures provided do not explain what caused the large rise in 2018, so this history does not try to. The company was based in Vancouver, with Mark Backens as President and CEO.

2020: A sale and a merger

The story turned in early 2020. On March 6, Alio announced it was selling its San Francisco Mine. On March 30, it announced a "friendly at-market merger" with Argonaut Gold, meaning a deal without a special premium over the market price. The filings seen are only cover pages pointing to press releases, so the buyer, the price and the exchange ratio are not stated.

The mine sale came first. Alio announced on May 7 that it had completed it. Proxy advisers ISS and Glass Lewis had recommended shareholders vote in favour of the merger, and on May 20 Argonaut shareholders and Alio securityholders approved it.

On July 1, 2020, Argonaut Gold and Alio Gold announced that the merger was complete. At that date, both major threads of the year had been resolved: the mine was sold and the merger was done. The filings do not say what Alio shareholders received, what assets Alio held at the end, or what became of Alio's listing and its status as a company.

Written from the 5 story beats below (2020 to 1 July 2020), which come from the company's own announcements and filings.

Beat by beat

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

shares on issue market cap (log scale)

202086.0m shares · C$147m market cap

1 July
Argonaut Gold and Alio Gold announced completion of their merger on July 1, 2020, which resolves the deal announced March 30 and approved by securityholders on May 20. The filing text is only a cover page and exhibit index, so what Alio shareholders received is not in the text provided.
business combination
86.0m shC$147m
20 May
Per the press release title, Argonaut Gold shareholders and Alio Gold securityholders approved the merger. This clears the shareholder vote that the earlier proxy-advisor recommendations and reminder preceded. Completion is still to come. Vote counts are not in the text provided.
business combination
86.0m shC$81.7m
7 May
Alio Gold announced it has completed the sale of the San Francisco Mine, which resolves the sale announced on March 6, 2020. The filing text is only a cover page and exhibit index, so the buyer and proceeds are not in the text provided.
asset acquisition disposition
86.0m shC$81.7m
30 Mar
Alio Gold and Argonaut Gold announced a 'friendly at-market merger'. The filing text is only a cover page and exhibit index, so the exchange ratio and other terms are not in the text provided. This starts a second major thread alongside the pending San Francisco Mine sale.
business combination
86.0m shC$72.2m
6 Mar
Alio Gold announced it is selling its San Francisco Mine. The filing text is only a cover page and exhibit index pointing to a March 6, 2020 press release, so the buyer, price and terms are not in the text provided.
asset acquisition disposition
86.0m shC$72.2m