Teranga moves on final Oromin shares
8th August 2013
Updated 4 hours ago
KALGOORLIE (miningweekly.com) – Dual-listed Teranga Gold Corporation would move to acquire all the remaining shares of Oromin Exploration after securing a majority shareholding in the company.
ASX- and TSX-listed Teranga launched a takeover offer for Oromin in June this year, and subsequently increased the offer to 0.60 of its own shares for every Oromin share held, bringing the total number of Teranga shares on issue to 71.2-million.
Teranga said on Thursday that, at the close of the offer period, the company had secured a 57.5% shareholding in Oromin. Along with its previous shareholding, this brought Teranga’s share in Oromin to around 71.1%.
The miner said that it would now move towards a plan of arrangement transaction to acquire the remaining shares in Oromin, and would likely call a special meeting of Oromin’s remaining shareholders to consider a statutory arrangement.
Details of this plan of arrangement would be called shortly.
Through the takeover offer, Teranga would acquire Oromin’s 43.5% shareholding in the Oromin Joint Venture Group (OJVG) deposits, and intended to work with the other JV partners to develop the deposits.
The OJVG reserves were estimated to host some 1.44-million ounces of gold, and would provide Teranga with the ability to blend ores from multiple deposits, which would enhance the company’s cost profile.