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Court backs AuTECO's Canadian play

The Nugget Pond mill

The Nugget Pond mill

12th September 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (mininwgeekly.com) – The Supreme Court of Newfoundland and Labrador has approved ASX-listed AuTECO’s A$65-million deal to acquire the Green Bay copper/gold project in Newfoundland, Canada.

AuTECO previously submitted a bid under the sale and investment solicitation process for Canadian company Rambler Group, which was ordered by the Supreme Court of Newfoundland and Labrador in March this year as part of the restructuring proceedings of Rambler Group.

AuTECO’s bid involved the offer to purchase the assets by way of the cancellation of all outstanding issued capital in the Rambler Group, and the issuance of new shares in the company, and a reverse vesting order (RVO).

Under the terms of the acquisition, AuTECO will provide A$35-million in cash on completion of the transaction, as well as A$15-million worth of shares in the company, amounting to around 600-million shares.

A further A$15-million will be payable no later than 18 months following the completion of the transaction, of which A$7.5-million will be payable in cash and a further A$7.5-million in shares.

AuTECO said on Tuesday that the closing of the Green Bay acquisition remained subject to shareholder approval, with a meeting scheduled for mid to late October.

In anticipation of the transition of ownership, AuTECO management personnel are now on-site at Green Bay. The company intends to implement its growth strategy imminently, headlined by an extensive underground drilling campaign and development of a 700 m exploration drive.

The Green Bay project currently hosts a 39.2-million-tonne resource, at 2.1% copper for 811 999 t of copper equivalent, of which 68% is in the measured and indicated category. The project was last mined in early 2023, and has been on care and maintenance since then.

The acquisition includes the Ming mine and Nugget Pond processing facility, with the infrastructure valued at more than A$250-million.

Edited by Creamer Media Reporter

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