https://www.miningweekly.com

Auroch opposes Big Un claim

7th October 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed Auroch Minerals has appointed legal council to assist in fighting a claim from fellow-listed Big Un following the termination of an acquisition agreement over three prospecting licences in Mozambique.

In June 2014, Auroch and Big Un, then known as Republic Gold, signed a conditional agreement under which Auroch would acquire Big Un subsidiary African Stellar Mozambique in exchange for more than 6.5-million shares and 6.5-million options, exercisable at 15c each.

The agreement had been subject to a number of conditions precedent, including Ministerial consent and regulatory approvals. The agreement originally had an end date of October 2014, which was extended to the end of June this year.

The end date was again extended to the end of September, after the conditions precedent were not met.

Auroch said on Wednesday that given the significant amount of time that transpired between the execution of the agreement and the end period, Auroch provided notice to Big Un that the agreement had been terminated.

Big Un was now claiming the Auroch shares that were due to it under the agreement, which were valued at around A$533 000, based on Auroch’s current market price.

As a result, Auroch has engaged legal council to assist with the claim.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Rio-Carb
Rio-Carb

Rio Carb is an OEM (Original Equipment Manufacturer) of R-C700 Chromium Carbide (CrC) alloy clad wear plates and pipes used for heavy materials...

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.042 0.765s - 110pq - 2rq
Subscribe Now