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AIC's offer for Demetallica unconditional

24th October 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed AIC Mines’ A$36-million off-market takeover offer for fellow-listed Demetallica has been declared unconditional.

AIC in September launched the takeover offer, offering one of its own shares for every 1.5 Demetallica shares held, valuing the company at 33.7c a share, or at A$36-million.

The suitor on Monday declared the takeover offer free of any remaining defeating conditions, pointing out that its voting power in Demetallica now stood at 7.32%.

Demetallica, which previously urged shareholder to reject the takeover offer, on Monday reported a 62% increase in the contained copper resource at its Jericho copper/gold deposit, with the resource now standing at 14.1-million tonnes, grading 1.46% copper, 0.29 g/t gold and 1.6 g/t silver.

The project is now estimated to host 205 000 t of copper, 129 000 oz of gold and 744 000 oz of silver, representing a 55% increase in overall resource tonnes from the 2020 mineral resource estimate, a 50% increase in contained gold and a 55% increase in contained silver.

Edited by Creamer Media Reporter

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