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Copper Mountain receives shareholder approval for acquisition of Altona

Published by , Assistant Editor
Global Mining Review,

Canadian-based mining company Copper Mountain Mining Corp. (Copper Mountain) has obtained shareholder approval from both Copper Mountain and Altona Mining Ltd (Altona) for its upcoming acquisition of Altona Mining Ltd. The companies have respectively voted in favour of the share issuance resolution and the scheme of arrangement, providing for the acquisition of Altona by Copper Mountain, at their special meetings of shareholders.

President & CEO of Copper Mountain, Jim O'Rourke, said: “We are pleased to have received the support of shareholders from both companies. Altona's assets include AUS$30 million in cash, a permitted development project in Queensland, Australia and a large mineral land tenure position in the highly prospective area. The Altona team has done an outstanding job in pulling together an exceptional mineral land package in a prolific mineral belt that we believe will provide long-term value to all shareholders."

Altona is to seek orders from the Federal Court of Australia for approval of the Scheme at a hearing scheduled for early April 2018. The transaction is expected to close by mid-April 2018, subject to applicable regulatory approvals, and the satisfaction of other customary conditions.

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