20th Aug 2024 10:22
ACG Acquisition Co Ltd - special purpose acquisition company focused on copper and other critical metals - Extends book building process for share placing until Tuesday next week. The share placing relates to ACG's reverse takeover of the Gediktepe polymetallic mine in the Balikesir province of western Turkey from Lidya Madencilik Sanayi ve Ticaret Anonim Sirketi, a subsidiary of Istanbul-based conglomerate Calik Holding. The USD290 million deal is comprised of USD100 million in cash, plus USD37 million in ACG shares, 30% of the total, issued to Lidya. In addition, USD145 million will be spent on a sulphide expansion project at the mine to allow for copper and zinc production. As part of the acquisition, ACG is placing up to 4.2 million new shares at USD6.00 to raise about USD25 million in cash. "The ACG management team has been encouraged by strong engagement with its equity story during roadshow meetings conducted to date," it says.
ACG also notes that the acquisition plan has been approved by shareholders through written resolutions. Therefore a shareholder meeting called for Tuesday has been cancelled.
By Tom Waite, Alliance News editor
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