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- Aeris Resources (AIS) receives “strong support” from its shareholders at the Extraordinary General Meeting (EGM) for the acquisition of Round Oak Minerals
- The company says shareholders “overwhelmingly” approved all resolutions related to the transaction, giving it the greenlight to finalise the $234 million acquisition
- Executive Chairman Andre Labuschagne says the shareholder support is a “resounding endorsement” of the acquisition and Aeris’ strategy to become a mid-tier miner with long-life assets
- Aeris Resources has scheduled completion of the transaction for July 1
- Shares in AIS are down 2.86 per cent, trading at 6.8 cents as of 2:14 pm AEST
Aeris Resources (AIS) said it has received “strong support” from its shareholders at the Extraordinary General Meeting (EGM) regarding the acquisition of Round Oak Minerals.
At the EGM, the Australian copper-gold producer and explorer said shareholders “overwhelmingly” approved all resolutions related to the transaction.
Executive Chairman Andre Labuschagne said the support from shareholders is a “resounding endorsement” of the acquisition and the company’s clear strategy to grow Aeris into a mid-tier miner with long-life assets.
Aeris announced the acquisition at the end of April, stating it would provide an excellent platform for future growth and could transform the company into a diversified producer with a strong balance sheet.
The company is acquiring Round Oak Minerals from Washington H Soul Pattinson for $234 million which includes an $80 million cash payment and $154 million worth of shares.
Round Oak owns the Jaguar zinc-copper mine in WA, the Mt Colin underground mine and Barbara deposit in northwest Queensland, the Stockman development project as well as a number of tenements within Queensland’s Mt Isa region.
“The addition of the Jaguar, North Queensland and Stockman assets significantly diversifies our portfolio and increases our exposure to copper and zinc, both of which are considered “future metals” and forecast to have increasing demand profiles in the decades ahead.”
The company has scheduled completion of the transaction for July 1 now that all conditions precedent have now been satisfied.
Shares in Aeris Resources were down 2.86 per cent, trading at 6.8 cents as of 2:14 pm AEST.
