The proposed acquisition of a 30% interest in Tropicana by Regis from IGO is now free from all conditions precedent.
Regis Resources Limited (ASX Code: RRL) (Regis) is pleased to announce that the Minister for Mines and Petroleum has consented to the transfer of certain tenements from IGO Limited (IGO, ASX:IGO) to Regis. This means the proposed acquisition of a 30% interest in Tropicana by Regis from IGO (Acquisition) is now free from all conditions precedent.
As announced by Regis on 13 April 2021, Regis has entered into an agreement with IGO to acquire a 30% interest in Tropicana with an effective date of 31 March 2021 for a cash consideration of A$903 million (subject to completion adjustments).
With all conditions precedent now satisfied, the Acquisition is no longer conditional. Completion of the Acquisition is expected to occur on or around 31 May 2021.
Jim Beyer, Regis’ Managing Director and CEO said “We are very pleased that the Minister’s approval for the tenement transfer has been received and, now that the transaction is unconditional, we look forward to completing the deal. As I’ve said previously, this acquisition provides significant strategic benefits to Regis and when combined with our existing assets, provides a larger-scale, longer-term financial and operating platform to pursue internal and external growth opportunities.”