UK Court clears Pantoro/Tulla deal
PERTH (miningweekly.com) – The High Court of Justice in the UK has approved ASX-listed Pantoro’s merger with fellow listed Tulla Resources.
The two companies earlier this year announced the merger under which Pantoro would acquire Tulla to gain full ownership of the Norseman gold project, in Western Australia, and create a new mid-cap ASX-listed gold company.
Tulla shareholders will receive 4.96 Pantoro shares for every Tulla share held.
The court order followed approval of the takeover scheme by Tulla shareholders at the end of May.
Pantoro said on Monday that a copy of the court’s order will be lodged with the Registrar of Companies in the UK, at which time the takeover scheme would become legally effective under UK law. The company would then issue new shares in exchange for the Tulla shares, which was expected to take place on June 26.
The takeover scheme will be implemented on June 30, with the new Pantoro shares to be quoted on the ASX and start normal trading on July 3.
The merged entity will have a targeted production of 110 000 oz/y and a mineral resource of 4.79-million ounces, along with an ore reserve of 0.98-million ounces.
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