Aurion Resources (TSXV: AU) received notification from its joint venture partner, B2Gold (TSX: BTO), regarding an acquisition offer for B2Gold’s 70% interest in their gold exploration JV focused on the Central Lapland greenstone belt in northern Finland. The offer, extended by Rupert Resources (TSX: RUP), aligns with Rupert’s exploration efforts in the same region, particularly centered around its Rupert Lapland project, home to the significant Ikkari discovery. This proposition entails issuing roughly 28.6 million shares to B2Gold, valuing the transaction at approximately C$102.8 million ($76 million) based on Rupert’s share price as of March 8, 2024. Rupert’s stock, however, observed a 1.1% decline to C$3.55 by midday Monday, despite confirming preliminary discussions with B2Gold. The potential acquisition would expand Rupert’s exploration targets, encompassing 293 sq. km. of the Sirkka shear zone, including the Helmi discovery and the Kutuvuoma prospect. With a right of first refusal per a 2019 shareholders agreement, Aurion has until May 9, 2024, to decide on its course of action regarding the proposed sale by B2Gold. The transaction remains contingent upon final agreements, due diligence completion, and regulatory green lights. Simultaneously, Aurion’s stock experienced a notable surge of 11.5% to C$0.58 per share on Monday, elevating the company’s market capitalization to C$76.8 million ($57 million).
Tag: Acquisition
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Austria’s RHI Magnesita acquires Slovenia’s Seven Refractories
July 25 (SeeNews) – Austrian refractory products maker RHI Magnesita said it has completed the acquisition of Slovenian alumina refractory mixes supplier Seven Refractories.
With the acquisition, around 240 employees at three production sites in Slovenia, India and the US, and at sales offices and service centres in Germany, Italy, the UK and Cyprus, are joining RHI Magnesita’s global network, the Austrian company said in a statement last week, without disclosing the value of the deal,
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According to Slovenian media reports, RHI Magnesita acquired Seven Refractories for 93 million euro ($103 million).
“Only 12 years after the company was founded, this step is a strong confirmation of our achievements: our innovative product portfolio, our cutting-edge production technology, and our dedication to customer service. In addition, the global presence and capabilities of RHI Magnesita will enable us to provide an even larger product portfolio and enhanced services to our customers,” Seven Refractories CEO Erik Zobec said.
Seven Refractories is a specialist supplier of alumina refractory mixes, serving customers in the iron and steel, cement, aluminium and non-ferrous metals industries, with a proven track record of consistent growth in these sectors. The company recorded revenues of 105 million euro and profit before tax of 11.4 million euro in 2022, RHI Magnesita said.