PERTH (miningweekly.com) – Junior metals developer Orion Gold has ticked all the boxes to complete the acquisition of Agama Exploration & Mining, to gain a 73.33% interest in the Prieska copper mine, in South Africa.
Orion on Friday said that, following the completion of a convertible note issue, the company was now fully funded to complete the acquisition of Agama, with settlement of the acquisition scheduled to take place before the end of March.
Orion will acquire Agama for around A$5.3-million, of which A$3.15-million will be payable in cash and A$2.15-million in shares. In addition to the purchase consideration, Orion will also provide Agama with finance to settle all historical shareholder loans to an aggregate amount of around A$3.3-million.
The Prieska project historically produced some 430 000 t of copper and some one-million tonnes of zinc between 1971 and 1991, at which time it was closed.