JOHANNESBURG (miningweekly.com) – The British Columbia Supreme Court has issued a final order approving the previously announced statutory plan of arrangement pursuant to which Vancouver-headquartered Taseko Mines will acquire all of the issued and outstanding common shares of TSX-listed Curis Resources.
Subject to the satisfaction or waiver of customary closing conditions, the transaction is expected to close by the end of November, Curis said this week.
The transaction was subject to the terms and conditions of an arrangement agreement. Under the terms of the agreement, Curis shareholders would receive 0.438 of a Taseko common share for each Curis common share held. Each outstanding option to acquire Curis common shares would be exchanged for Taseko common shares based on an exchange formula set forth in the plan of arrangement implementing the transaction.
Curis shares were expected to be delisted from the TSX after the closing, following which applications would also be made so that Curis would no longer be a reporting issuer in the applicable jurisdictions.
Curis, which is developing the in-situ copper recovery and solvent extraction and electrowinning Florence copper project, in central Arizona, previously said the tie-up would ensure access to existing financial resources to ensure the funding and development of the Florence project.
The Florence copper project is an advanced-stage copper development project, which has an estimated 340-million tons of probable mineral reserves, grading 0.358% total copper at a cutoff grade of 0.05% total copper, containing 2.42-billion pounds of copper.
Taseko’s flagship asset is its 75% stake in the Gibraltar copper/molybdenum mine, which produces about 165-million pounds of copper a year. It also fully owns the New Prosperity gold/copper and Aley niobium projects.