JOHANNESBURG (miningweekly.com) – Following objections raised by a small number of Kasbah shareholders in relation to TSX-V-listed Asian Mineral Resources’ (AMR’s) proposed acquisition of ASX-listed Kasbah Resources, Australia’s Federal Court of Australia has adjourned the second court hearing date to December 12.
The board of Kasbah Resources had, in August, unanimously recommended that all shareholders vote in favour of AMR’s intention to acquire the Australian miner.
The companies entered into a scheme implementation agreement stipulating that AMR would acquire all of Kasbah’s ordinary outstanding shares.
Kasbah CEO Dr Rodney Marston stipulated at the time that the transaction would provide immediate value creation for Kasbah shareholders.
“It also positions the combined company well in its pursuit of project financing and construction of Kasbah’s Achmmach tin project, in Morocco,” he noted.