Alt gets takeover offer from Aurenne
PERTH (miningweekly.com) – Junior Alt Resources has received a takeover offer from privately held Aurenne Group Holdings, which was offering Alt shareholders 5.05c in cash for each of their shares held.
The offer is subject to a number of conditions, including a minimum 90% acceptance condition.
Alt on Thursday told shareholders that the board was supportive of the all-cash offer, and was giving careful consideration to the offer, including the conditions, and will, as part of a due diligence, engage an independent expert to report on the offer.
Alt has advised shareholders not to take any action regarding the offer until a full recommendation has been made.
Alt has been working on funding options to meet the final A$5-million vendor payment to secure the Bottle Creek gold project, in Western Australia. An initial A$500 000 payment is due on July 1, with the balance to be settled by the end of November.
The junior told shareholders that under the takeover offer, the need to further dilute shareholder value to meet the vendor payments, as well as to fund ongoing exploration, resource development and corporate overheads would be mitigated.
Aurenne has agreed to lend Alt A$3.68-million through a convertible note, providing funding security to meet its July payment commitments and to continue the delivery of a maiden ore reserve while also advancing prefeasibility study work at Mt Ida and Bottle Creek, without further dilution.
“The board considers the Aurenne offer to be compelling and is a strong endorsement in the company and its Mt Ida and Bottle Creek gold project assets,” said Alt chairperson William Ellis.
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