27th Aug 2024 18:16
ACG Acquisition Co Ltd - special purpose acquisition company focused on copper and other critical metals - Updates on acquisition of 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. Says cash consideration has been reduced to USD85 million, subject to a working capital adjustment, from USD100 million. Adds the USD85 million in cash to be sourced from USD31.5 million in equity commitments from ACG cosponsors and Traxys Europe SA, a USD37.5 million gold prepay debt facility underwritten by Traxys and ACG cosponsors, as well as a minimum USD16 million in proceeds from its placing. Placing is for up to 4.2 million new shares at USD6.00, raising about USD25 million in cash. Further, the number of ACG shares to be issued to Lidya increases to 38% of total ACG share capital from a previously stated 30%.
Current share price: USD8.55, closed down 10% in London on Wednesday
12-month change: down 20%
By Aidan Lane, Alliance News reporter
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