Atlantic shares halted as court approves Spur merger
PERTH (miningweekly.com) – The shares of junior gold developer Atlantic Gold were suspended on Thursday after the Australian Federal Court approved a merger with TSX-V-listed Spur Ventures.
Under the merger agreement, Spur would acquire all the ordinary shares of Atlantic. Atlantic shareholders would receive 0.05564 of a common share in Spur and 0.02782 of a share purchase warrant in Spur for each Atlantic share held.
Each of the share purchase warrants would be exercisable for a period of four years from the closing date of the transaction, at an exercise price of C$0.60 each.
With all the conditions of the merger now having been met, Atlantic shareholders could expect to receive their Spur shares on August 21.
Atlantic would also make an application to be removed from the official list of the ASX.
Atlantic’s major asset is the Touqouy gold project, in Canada, which would require a capital investment of about $142-million to produce 84 000 oz/y of gold, over a five-year mine life. Touqouy was expected to have a net present value of $132-million and an internal rate of return of 38%.
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