Exore weighs its options
PERTH (miningweekly.com) – Junior Exore Resources on Friday said it was weighing its options with regards to fellow-listed Apollo Minerals’ sale of its 20% interest in the Bagoe and Liberty projects, in Cote d’Ivoire, for A$4.5-million.
Exore, which holds the remaining 80% interest in the project and has a 30-day pre-emptive right over Apollo’s interest, said that it had received no formal notice from either Apollo or buyer Ibeara Capital Fund, prior to the announcement being made on Thursday.
Exore said on Friday that the company, in conjunction with its advisers, will consider its position in respect to this pre-emptive right, which will expire on June 4.
However, the junior noted that the Ibaera offer is at approximately 51% premium to the current Exore enterprise value, which stands at A$18.5-million, compared with the implied value from the Ibeara offer of Exore’s 80% joint venture (JV) of A$28-million, before applying any potential premium for Exore majority and controlling interest in the projects.
In addition to the pre-emptive rights, Exore also holds the managerial position over the JV, and has an enduring ‘drag along right’ over the remaining 20% JV interest, allowing Exore to acquire this interest if its JV party sold off its share in the project.
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