Metals Exploration Completes Acquisition of Condor Gold Successfully

Metals Exploration Finalizes Acquisition of Condor Gold

In a significant development within the mining sector, Metals Exploration PLC has successfully finalized its acquisition of Condor Gold PLC. This acquisition has been sanctioned by the court, marking a pivotal moment for both companies involved. With the acquisition complete, the entire issued and upcoming share capital of Condor Gold will now belong to Metals Exploration.

Shareholder Approval and Timeline of Events

The approval process for this acquisition commenced when a detailed scheme document was released, outlining the terms and conditions on December 11, 2024. Shareholders of Condor Gold demonstrated their support, granting approval during pivotal meetings held on January 6, 2025.

Now, with court approval secured, the acquisition scheme is on track to take effect upon delivering the Court Order to the Registrar of Companies. This key step is anticipated to occur shortly, solidifying the acquisition's success.

Trading Suspension and Delistings on Major Exchanges

As a result of this acquisition, today marks the final day of trading for Condor Gold Shares on the AIM market and on the Toronto Stock Exchange (TSX). Trading on AIM will be suspended beginning at 7:30 a.m. on Tuesday due to this transition, with the TSX halting trading at market open.

The TSX has granted conditional approval for the delisting of Condor Gold Shares, which is expected to be finalized by market close on Tuesday. Furthermore, the AIM cancellation is scheduled for 7:00 a.m. on January 16, 2025, contingent upon the effectiveness of the acquisition scheme.

Details on Shareholder Benefits and Future Updates

Shareholders can expect that their Fixed Consideration New MTL Shares will soon be credited to their CREST accounts for the uncertificated Scheme Shares following January 16, 2025. Additionally, Cash Consideration will be provided within 14 days following the Effective Date, ensuring shareholders receive their rightful compensation as the acquisition is completed.

Further updates will be shared with shareholders when the acquisition scheme officially takes effect, and the current timetable will be communicated through a Regulatory Information Service. This communication is crucial as it keeps all parties informed about the ongoing developments during this transition phase.

Looking Ahead in the Mining Sector

The acquisition of Condor Gold by Metals Exploration signifies a growing trend of consolidation in the mining sector. Companies are increasingly looking to bolster their positions and resources to remain competitive in a rapidly evolving market. This acquisition not only strengthens Metals Exploration's portfolio but also enhances their operational capabilities moving forward.

As this landscape continues to change, industry observers and stakeholders will be keenly watching how Metals Exploration leverages this acquisition to maximize value and drive future growth strategies. The integration of Condor Gold's assets may present opportunities for increased production capabilities and expanded market reach.

Frequently Asked Questions

What does the acquisition of Condor Gold by Metals Exploration entail?

This acquisition involves the transfer of all issued shares from Condor Gold to Metals Exploration, marking a complete takeover.

When did the shareholders approve the acquisition?

The shareholders approved the acquisition during meetings on January 6, 2025.

What happens to Condor Gold Shares after the acquisition?

Trading for Condor Gold Shares will cease on the AIM and TSX, and they will be delisted from these exchanges.

How will shareholders receive compensation?

Shareholders will receive Fixed Consideration New MTL Shares credited to their CREST accounts, and Cash Consideration will be issued within 14 days after the Effective Date.

What should shareholders watch for after the acquisition?

Shareholders should look for further announcements regarding the effectiveness of the acquisition and any changes to the outlined timetable.

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