Aurelia Metals has caught the gold M&A bug and is set to pitch a chunky acquisition and equity raising to investors.
It is understood Aurelia Metals is closing in on NSW-based Dargues Gold Mine and its nearby tenements, which are owned by shareholders and associates of underground mining services contractor PYBAR Mining Services. Aurelia Metals will make about 70 per cent of its earnings from gold should it acquire Dargues Gold Mine as expected. AFR Aurelia Metals is expected to pay $200 million for the mine and tenements, including $176 million cash and $24 million scrip, and fund the deal with an underwritten equity raising.
Investment bank UBS is understood to have started lining up support for the equity raising, which would be done by way of a placement and rights issue.
Aurelia Metals has secured a $65 million commitment from lending banks Investec and BNP Paribas, which would be partly used […]
November 12, 2020 (updated November 12, 2020) Published by StockMan