SilverCrest Metals Inc. company history: the story so far

History

SilverCrest raised C$80 million in 2019 to advance its Las Chispas project in Mexico, then was acquired by Coeur Mining in February 2025 in a share deal.

2018-2019: Funding Las Chispas

SilverCrest Metals was a Vancouver-based precious metals company whose main asset was the Las Chispas project in Sonora, Mexico. The record for these years is thin, but the share count rose from 84,922,633 at the end of 2018 to 107,471,015 at the end of 2019.

Part of that rise came from a raising announced on 3 December 2019. Underwriters led by National Bank Financial, Desjardins and Scotiabank agreed to buy 11,000,000 new shares at C$7.28 each, for gross proceeds of C$80,080,000, or C$92,092,000 if their 15% over-allotment option was fully used. The money was for continued exploration and development of Las Chispas and general working capital. SSR Mining, under an agreement dated 28 November 2018, had a right to keep its share of the company, up to 9.9%, by taking part in the raising.

The record then goes quiet. Later share figures are uneven, and the beats do not explain them, so they are not discussed here. By the end of 2023 the company had 146,934,814 shares on issue.

2024-2025: Sale to Coeur Mining

On 3 October 2024 SilverCrest signed an agreement for Coeur Mining to acquire all its shares through a court-approved plan of arrangement under British Columbia law. Both boards and SilverCrest's special committee backed the deal unanimously.

Meeting materials mailed on 13 January 2025 set the terms: 1.6022 Coeur shares for each SilverCrest share, an implied US$11.34 per share. That valued the equity at about US$1.7 billion, 22% above the 3 October 2024 close. SilverCrest holders would own about 37% of the combined company. The company said it had no debt.

The Supreme Court of British Columbia granted its final order on 11 February 2025. On 14 February 2025 the arrangement was completed, and Coeur indirectly owned all SilverCrest shares and, with them, Las Chispas. Delisting from the TSX and NYSE American was expected within two to three business days, and SilverCrest planned to apply to stop being a reporting issuer in Canada. Registered holders had to send a letter of transmittal to Computershare to receive their Coeur shares.

Written from the 5 story beats below (2019 to 14 Feb 2025), 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)

2025147m shares · C$2.24bn market cap

14 Feb
SilverCrest announced the Coeur Mining arrangement is complete: Coeur indirectly acquired all SilverCrest shares, and holders were entitled to 1.6022 Coeur shares per SilverCrest share. Delisting from the TSX and NYSE American is expected within two to three business days, and SilverCrest will apply to stop being a reporting issuer in Canada. Registered holders must return a letter of transmittal with their share certificates or DRS advice to Computershare to receive the Coeur shares; non-registered holders should contact their broker. This ends the thread from the October 2024 agreement.
business combination
147m shC$2.24bn
11 Feb
The Supreme Court of British Columbia granted the final order approving the Coeur Mining arrangement, so SilverCrest shareholders are set to receive 1.6022 Coeur shares per SilverCrest share. Closing was expected on or about February 14, 2025, subject to remaining approvals and conditions, followed by delisting from the TSX and NYSE American and applications to stop reporting in Canada and deregister in the US. This clears the court step that was an open item in the earlier context.
business combination
147m shC$2.24bn
13 Jan
SilverCrest mailed and filed its meeting materials for the February 6, 2025 special meeting to vote on the Coeur Mining arrangement, with the board unanimously recommending a vote FOR. Shareholders would receive 1.6022 Coeur shares per SilverCrest share, which the filing says is an implied US$11.34 per share (about US$1.7 billion total equity value, 22% above the October 3, 2024 close); SilverCrest holders would own about 37% of the combined company. Proxy cutoff is 10:00 a.m. Vancouver time on February 4, 2025.
business combination
147m shC$1.93bn

2024147m shares · C$1.84bn market cap

9 Oct
SilverCrest signed an arrangement agreement dated October 3, 2024 with Coeur Mining, Inc. under which Coeur would acquire all outstanding SilverCrest shares through a plan of arrangement under British Columbia law. Both boards, and SilverCrest's special committee, unanimously backed the deal; it still needs shareholder and other approvals, and the filing text provided is only the agreement's table of contents, recitals and opening definitions, so the price terms are not shown in this excerpt. Voting agreements have been signed by some shareholders of each company.
business combination
147m shC$1.84bn

201984.9m shares · C$661m market cap

3 Dec
SilverCrest agreed with underwriters led by National Bank Financial, Desjardins and Scotiabank to sell 11,000,000 new common shares at C$7.28 each, for gross proceeds of C$80,080,000 (C$92,092,000 if the underwriters' 15% over-allotment option is fully used). The money is meant for continued exploration and development of the Las Chispas Project and general working capital; for shareholders this means new shares are issued, and SSR Mining has a right to keep its pro rata stake of up to 9.9% (the deadline to use it was extended to 45 days after notice). Closing was expected around December 18, 2019, subject to approvals.
capital raising announcement
84.9m shC$661m