Ramelius Resources has announced that the Deed of Company Arrangement (DOCA) put forward by Ramelius to acquire Black Oak Minerals (BOK) has been approved at a meeting of BOK creditors.
Image: A gold mineral. Photo: courtesy of carlos aguilar/Freeimages.com.
This approval now enables Ramelius to apply to the Federal Court (the Court) for the transfer of the shares in BOK to one of its wholly owned subsidiaries. BOK owns the Marda Gold Project north of Southern Cross, Western Australia. Approval by the Court will signal completion of the transaction, which is expected to occur before the end of 2018.
Payment of the remaining consideration of $11.0 million will occur as part of Completion.
Ramelius has already commenced preliminary studies on how best to develop the various open pit mines at the Marda Project and investigated various trucking routes from the mines to the Edna May processing facility. Early completion of the Marda acquisition may mitigate any adverse impacts on production brought about by the approval delays at Greenfinch.
Source: Company Press Release