Aureus completes Sarama takeover deal
JOHANNESBURG (miningweekly.com) – Dual-listed gold producer Aureus Mining has completed the acquisition of three exploration licences from Sarama Investments, a wholly-owned subsidiary of Sarama Resources, for a total consideration of 6.64-million Aureus common shares.
The acquired licences were contiguous to the company's Bea Mountain mining licence, close to the New Liberty gold mine, in Liberia.
“The acquisition of Sarama’s licences corresponds with our strategy of building a long-term and sustainable gold district in Liberia. [It also] consolidates our ownership of quality ground, adding further exploration potential, and [allows for] New Liberty to become the hub to accelerate our regional development,” Aureus CEO David Reading said in a previous statement.
The company’s total land portfolio in the country had now increased from 1 402 km2 to 1 683 km2.
The first tranche of 5.64-million shares was issued to Sarama, with the remaining 996 760 shares retained and not issued until the required withholding tax clearance certificate was obtained.
Application was made to the London Stock Exchange for admission to trade the first tranche of shares on the Alternative Investment Market.
Aureus expected that admission of the first tranche of shares issued to Sarama, which was registered in the British Virgin Islands, would become effective on or around January 7, and that the shares would be subject to a statutory four-month hold period from the date of issue.
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