JOHANNESBURG (miningweekly.com) – Following the fulfilment of all suspensive conditions, DRDGold expects to issue 45.5-million new shares and acquire the remaining 26% of Ergo Mining Operations (EMO) it did not already own on April 10.
This followed a 2014 announcement in which the group stated its intention to enter into a share sale and subscription agreement with Khumo Gold – the company’s black economic-empowerment partner – to acquire Khumo’s 20% stake in EMO and all its claims against EMO in exchange for 35-million new ordinary shares in DRDGold.
DRDGold simultaneously entered into an agreement with EMO’s broad-based empowerment shareholder, the DRDSA Empowerment Trust, to acquire its 6% interest in the issued share capital of EMO and all its claims against EMO in exchange for 10.5-million new DRDGold shares on the same terms as the Khumo acquisition.
Both acquisitons were approved by shareholders in June last year.