- 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.
