Court backs AuTECO's Canadian play
PERTH (mininwgeekly.com) – The Supreme Court of Newfoundland and Labrador has approved ASX-listed AuTECO’s A$65-million deal to acquire the Green Bay copper/gold project in Newfoundland, Canada.
AuTECO previously submitted a bid under the sale and investment solicitation process for Canadian company Rambler Group, which was ordered by the Supreme Court of Newfoundland and Labrador in March this year as part of the restructuring proceedings of Rambler Group.
AuTECO’s bid involved the offer to purchase the assets by way of the cancellation of all outstanding issued capital in the Rambler Group, and the issuance of new shares in the company, and a reverse vesting order (RVO).
Under the terms of the acquisition, AuTECO will provide A$35-million in cash on completion of the transaction, as well as A$15-million worth of shares in the company, amounting to around 600-million shares.
A further A$15-million will be payable no later than 18 months following the completion of the transaction, of which A$7.5-million will be payable in cash and a further A$7.5-million in shares.
AuTECO said on Tuesday that the closing of the Green Bay acquisition remained subject to shareholder approval, with a meeting scheduled for mid to late October.
In anticipation of the transition of ownership, AuTECO management personnel are now on-site at Green Bay. The company intends to implement its growth strategy imminently, headlined by an extensive underground drilling campaign and development of a 700 m exploration drive.
The Green Bay project currently hosts a 39.2-million-tonne resource, at 2.1% copper for 811 999 t of copper equivalent, of which 68% is in the measured and indicated category. The project was last mined in early 2023, and has been on care and maintenance since then.
The acquisition includes the Ming mine and Nugget Pond processing facility, with the infrastructure valued at more than A$250-million.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.
VISIT SHOWROOM
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
