PERTH (miningweekly.com) – Australia’s Eurogold has agreed to buy all the shares in London-based investment firm Brinkley Mining that it did not already own, the two companies announced on Thursday.
Eurogold currently held 41,1% of Brinkley, which owns interests in uranium exploration projects in South Africa and Sudan.
Eurogold would offer 11,9 of its own shares for every 100 Brinkley shares held. The offer valued the Brinkley shares at around 1,14p a share, and valued the existing issued share capital at around £4,07-million.
Brinkley chairperson Peter Gunzburg said in a joint statement to shareholders that the offer should lead to a number of benefits for both Brinkley and Eurogold shareholders, and would create an enlarged group with lower costs, and an exposure to a broader portfolio of investments in junior gold exploration and production companies.
Eurogold has interest in a portfolio of Aim- and ASX-listed junior gold exploration and production companies, including a 4,8% stake in Dragon and a 3,8% stake in Tanami.
The scheme arrangement was conditional upon a 75% shareholder approval, as well as regulatory approval.
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