Metminco declares Andes offer unconditional
PERTH (miningweekly.com) – ASX-listed Metminco has declared its takeover offer for target Andes Resources to be unconditional.
Under the terms of the off-market agreement Metminco would issue 25 of its own shares for every Andes share held, with the merger to be conditional on a number of conditions, including a minimum 90% acceptance and the completion of a total of A$4-million capital raise.
Metminco on Thursday said that acceptance for the offer had now reached 99.5%.
The takeover offer will close on August 15, with the consideration shares issued on August 16.
The unlisted Andes holds a portfolio of gold/silver/copper exploration projects in the Cauca Valley, in Colombia, which is in close proximity to Metminco’s existing mineral resource of some 877 000 oz of gold and reserves of 457 000 oz at its Miraflores deposit, as well as its Tesorito prospect and the large undrilled Chuscal target, which is in joint venture with gold miner AngloGold Ashanti.
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