PERTH – The Supreme Court of Newfoundland and Labrador has approved ASX-listed AuTECO’s A$65-million deal to acquire the Green Bay copper/gold project in Newfoundland, Canada.
AuTECO’s bid involved the offer to purchase the assets by way of the cancellation of all outstanding issued capital in the Rambler Group, and the issuance of new shares in the company, and a reverse vesting order . A further A$15-million will be payable no later than 18 months following the completion of the transaction, of which A$7.5-million will be payable in cash and a further A$7.5-million in shares.
In anticipation of the transition of ownership, AuTECO management personnel are now on-site at Green Bay. The company intends to implement its growth strategy imminently, headlined by an extensive underground drilling campaign and development of a 700 m exploration drive.