SSR Mining Inc (SSRM)

[Picassa]

The sale of the Snowfield and Brucejack Projects in northern British Columbia to Pretium Resources Inc. ("Pretium") closed on December 21, 2010. Pursuant to the terms of the transaction, Silver Standard received cash proceeds of C$215.02 million (before deductions of C$12.645 million payable by Silver Standard), a convertible promissory note in the principal amount of C$39.753 million and 32,537,833 common shares of Pretium for total consideration of C$450 million. The outstanding amount of the convertible promissory note will be automatically converted into common shares of Pretium at $6 per share 40 days after the closing to the extent not previously repaid by Pretium. If the promissory note is repaid in full, Silver Standard will hold a 38.1% equity interest in Pretium. If the promissory note is fully converted, Silver Standard will hold a 45.8% equity interest in Pretium.

40M X 14$ = 560M$ in PVG shares alone....

SSRI is very very cheap here.....