They paid $.68 per Romarco Share with exchange ratio or 856M for Romarco's Equity, but Romarco will draw $200M in debt to fund project so EV of $1050M. That is roughly an EV of 0.85 per Romarco Share on an EV-equivalent basis if that makes sense. This was also average target price and target prices should be 1.00X NAV plus the debt. Target prices were probably at $1200 or $1300 long term gold though
Basically Romarco shareholders realize full value now. That was the original idea anyways.
Market obviously sold down OGC 20% today so the exchange ratio has dropped from .68 to .54.
I would reckon it was sold down because OGC paid close to 1.00X EV/NAV but at higher current gold prices.