- Andromeda Metals (ADN) completes the compulsory acquisition of fellow ASX-listed Minotaur Exploration (MEP)
- The deal was first announced in November with the aim to grant Andromeda full control of the Great White kaolin project and the 50/50 joint venture business Natural Nanotech
- Under the deal, Minotaur shareholders received 1.15 Andromeda shares for every Minotaur share held – valuing MEP shares at 20.8 cents each
- The acquisition provides Andromeda full development optionality and simplifies the ownership of the upcoming feasibility study for the Great White kaolin project
- Andromeda ends the day 2.78 per cent in the green with shares trading at 18.5 cents
Andromeda Metals (ADN) has completed the compulsory acquisition of fellow ASX-listed Minotaur Exploration (MEP).
The deal was first announced in November 2021, with the aim to grant Andromeda full control of the Great White kaolin project in South Australia and the 50/50 joint venture business Natural Nanotech.
The acquisition of the Great White kaolin project and Natural Nanotech provides Andromeda full development optionality.
Further, it simplifies the ownership and streamlines the management of the project ahead of the upcoming feasibility study.
Under the deal, Minotaur shareholders received 1.15 Andromeda shares for every Minotaur share held in return for taking full control of the joint venture partner.
Shares were offered at 20.8 cents each, representing a 67.6 per cent premium to Minotaur’s 30-day volume-weighted average price at the time.
As a result, Minotaur demerged its copper and gold assets into a separate subsidiary dubbed Breakaway which plans to list on the ASX.
“The acquisition of Minotaur has enabled the consolidation of the Great White Kaolin Project and the Natural Nanotech Project optimising value for both Andromeda and Minotaur shareholders,” Managing Director James Marsh said.
“Consolidating ownership of Great White provides for increased future funding flexibility and development optionality.”
Andromeda has ended the day 2.78 per cent in the green with shares trading at 18.5 cents.