A-Mark Precious Metals, Inc. (NASDAQ: AMRK) entered into a definitive agreement to acquire 40% stake in Silver Gold Bull Inc. for $54.1 million on April 28, 2022. A-Mark will pay approximately $44.0 million for 40% of the outstanding equity interest in SGB, implying an enterprise value of $110.0 million. Total consideration is comprised of $34.0 million in cash and $10.0 million of A-Mark common stock. For the 12 months ended March 31, 2022, Silver Gold Bull reported net sales of $633.0 million. As a condition to closing, SGB will be required to have at least $15.0 million in net tangible assets. The acquisition is expected to close in the second quarter of calendar 2022, subject to customary closing conditions and regulatory approval. As of May 9, 222, the acquisition is expected to close in the fourth quarter of fiscal 2022. Joe Schimmelpfennig and Dan Friedman of D.A. Davidson & Co. is acting as financial advisor to A-Mark, and Kramer Levin Naftalis & Frankel LLP and Frye & Hsieh LLP are acting as legal advisors. MLT Aikins LLP is acting as legal advisor to SGB.

A-Mark Precious Metals, Inc. (NASDAQ: AMRK) completed the acquisition of 40% stake in Silver Gold Bull Inc. on June 27, 2022. In accordance with the definitive agreement, the total consideration paid at the closing consisted of $34 million in cash and 253,928 shares of A-Mark common stock. As a result of this transaction, A-Mark now owns 47.4% of the outstanding equity of SGB. A-Mark will have the right, subject to further review under applicable Canadian Competition laws, to purchase an additional 27.7% of the outstanding equity of SGB to bring its ownership interest to 75%. The option is exercisable between months 18 and 27 following closing. In connection with the increased investment in SGB, A-Mark's Chief Financial Officer, Kathleen Simpson-Taylor, was appointed to SGB's board of directors, joining A-Mark's Chief Executive Officer, Greg Roberts. Jay Lefton, Michael Coburn and Antonio Di Domenico Fasken Martineau DuMoulin LLP acted as legal advisor to A-Mark while Blake, Cassels & Graydon LLP acted as legal advisor to SGB.