Intrepid Mines Announces Compulsory Acquisition of Shares in 1AC

  • May 06, 2019 AEST
  • Team Kalkine
Intrepid Mines Announces Compulsory Acquisition of Shares in 1AC

Today, on 6th May 2019, Intrepid Mines (ASX: IAU) announced the compulsory acquisition of shares in AIC Resources limited. As of 30th April 2019, being the closing date of offers made under the Takeover Bid, Intrepid has a relevant interest in over 90% of the fully paid ordinary shares on issue in AIC Resources. As per the section 661A of the Corporations Act 2001, IAU may now compulsorily acquire the outstanding fully paid ordinary shares on issue in AIC Resources. The company proposes to acquire the remaining fully paid ordinary shares on issue in AIC Resources on the same terms as set out in the bidder’s statement in respect of its Takeover Bid, being an offer of one fully paid ordinary share on issue in Intrepid for every two fully paid ordinary shares on issue in AIC Resources. According to the section 661B(1)(d) of the Corporations Act, the copy of IAU’s ASIC Form 6021 detailing the compulsory acquisition procedure is enclosed. It is confirmed by the company that according to the section 661B(1)(c)(i) of the Corporations Act, the Notice will be despatched to the holders of fully paid ordinary shares in AIC Resources tomorrow. The notice was also lodged with ASIC today according to section 661B(1)(b) of the Corporations Act. As per the Australian Stock Exchange Listing Rule 17.4, the company acknowledged that AIC Resources’ shares will be suspended for five business days after ASX receives a copy of the notice.

In the previous update, the company published its March 2019 quarterly report, where it presented the operational and financial highlights. The drilling at Doolgunna Station Project was completed, which comprised of eight drill holes completed at the Doolgunna Station Joint Venture to test an area 15km along strike from the DeGrussa copper-gold VHMS deposit; and four drill holes intersect prospective Narracoota and Karalundi Formations, the same rocks that host the DeGrussa copper-gold VHMS deposit. Under the financial highlights, the group showcased a sale of Zambian assets for US$5 million. Its cash balance was reported at $2.95 million as on 31st March 2019. The company also highlighted the completion of a $0.75 per share return of capital leading to a total payment amount to shareholders of ~$10 million.

In Kitumba Project (Zambia, Africa), IAU entered into a conditional share sale agreement with Vulcan Copper Limited, which is a subsidiary of Consolidated Mining and Investments Limited. The sales process was undertaken with respect to the sale of 100% of the share capital in Intrepid Mines Zambia Limited, a wholly owned Zambian subsidiary of Intrepid, which holds the interest in the Mumbwa and Kitumba Copper projects located in Zambia, for cash consideration of US$5 million subject to customary adjustments.

On the stock information front, at the time of writing on 6th May 2019, AEST 2:12 PM, the stock price of Intrepid Mines was quoted at $0.34. Its 52 weeks high price stands at $0.380. Its absolute returns for the past one year, six months, and three months are 25.93%, 13.67%, and 32.42%, respectively.


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