- Aura Minerals Inc. (ORA) enters a binding scheme implementation deed (SID) to acquire all of the issued and outstanding ordinary shares of Big River Gold Limited
- Big River shareholders will receive A$0.36 in cash per share
- A report concluding that the scheme is in the best interests of shareholders is required
- Aura will expand its pipeline of development stage projects through the acquisition of Big River’s Borborema Gold Project
- Aura Minerals Inc. (ORA) is down 2.89 per cent and is trading at $11.75 per share as of 3:14 p.m. ET
Aura Minerals (ORA) has entered a binding scheme implementation deed (SID) to acquire Big River Gold Limited.
Big River shareholders will receive A$0.36 in cash for each share held.
Delivery of a report from an independent expert concluding that the scheme is in the best interests of Big River shareholders is required to complete the transaction.
No material adverse effect or prescribed event can occur in relation to Big River, and it must maintain a certain minimum cash balance.
Aura will hold its interest in Aura BidCo through an intermediate holding company and Dundee Resources has agreed to receive shares in Aura’s joint venture company in lieu of the cash consideration to indirectly maintain an equity interest in Big River.
The acquisition presents an attractive opportunity for Aura to expand its pipeline of development stage projects through the acquisition of Big River’s Borborema Gold Project in Brazil.
Rodrigo Barbosa, Aura’s President and CEO, commented,
“Our strategy is to grow beyond our current production plan through advancing high-quality projects that have a clear path to construction and are located in the Americas, preferably in jurisdictions where we are already operating… Borborema fits well within this strategy.”
Aura Minerals Inc. (ORA) is down 2.89 per cent and is trading at $11.75 per share as of 3:14 p.m. ET.