Australia-listed Evolution Mining has extended the closing date for its share purchase plan (SPP) from January 16 to January 30, to allow shareholders sufficient time to participate and complete applications following the Christmas and New Year holiday period.
The SPP provides eligible shareholders in Australia and New Zealand the opportunity to acquire up to A$30 000 worth of Evolution ordinary shares.
The funds raised under the placement will be used to partly fund the acquisition of an 80% interest in the Northparkes copper and gold mine from CMOC Group for up to $475-million, comprised of an upfront cash consideration of $400-million and contingent consideration of up to $75-million.
Funds raised via the SPP will be used to assist with integration costs related to the transaction and general working capital.
Northparkes is a day one cashflow-producing asset with a 30-year mine life, considerable upside and a well-established team that has a great track record and technical experience at the operation.
Located about 27 km from Parkes, in the central west of New South Wales, the mine has been in operation since 1994 and was the first mine to use the block cave mining method in Australia.