The SASA operation in Macedonia.
JOHANNESBURG (miningweekly.com) – The Macedonian Competition Commission has given its blessing for the $402.5-million reverse takeover of Lynx Resources by Aim-listed Central Asia Metals.
Lynx owns the SASA mine, which is one of the operating largest zinc/lead/silver mines in Europe. Last year, the mine produced 22 515 t of zinc concentrate and 28 955 t of lead concentrate.
Central Asia Metals, which unveiled the deal in September, will fund the acquisition through a mix of debt and cash. The company reported on Wednesday that it had submitted a request to draw down funds under new debt facilities provided by Traxys and that the funds should be in its account by the end of the week.
Accordingly, completion of the acquisition should be on Monday.
Central Asia Metals said that it had made an application to the London Stock Exchange in respect of readmission, where the company’s enlarged share capital of 176.50-million ordinary shares would be admitted to trading on the Aim. This would include the 15.28-million consideration shares to be issued to Orion Co-Investments.
Lynx is owned by Bermuda-based Orion Co-Investments and Swiss private equity group Fusion Capital.