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Benzinga
Benzinga
Business
Akanksha Bakshi

Aura Agrees To Acquire Big River Gold; Form JV With Dundee Resources

  • Aura Minerals In (TSX:ORA) (OTC:ARMZF) agreed to acquire 100% of Big River and form an 80%/20% joint venture with Dundee Resources.
  • Big River Shareholders (other than Dundee Resources) will receive A$0.36 in cash consideration for each Big River Share held, which values Big River at a purchase price of ~A$91.7 million.
  • The acquisition represents an attractive opportunity for Aura to expand its pipeline of development stage projects by acquiring Big River’s Borborema Gold Project in Brazil.
  • Dundee Resources, a 19.3% Big River shareholder, executed a deed with Aura, under which Dundee Resources will ultimately hold a 20.0% indirect interest in Big River.
  •  In limited circumstances, Dundee Resources may elect to receive the cash in place of the share consideration, with Aura then acquiring 100% of Big River for 100% cash consideration.
  • Price Action: ORA shares are trading lower by 2.89% at C$11.75 on TSX on the last check Tuesday.
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