AngloGold Ashanti Ltd and Corvus Gold Inc. have announced the successful completion of the plan of arrangement under the Business Corporations Act (British Columbia) between Corvus, 1323606 B.C. Unlimited Liability Company and AngloGold Ashanti Holdings plc.
The purchaser is an indirect wholly owned subsidiary of AngloGold Ashanti and the guarantor is a direct wholly owned subsidiary of AngloGold Ashanti. Pursuant to the arrangement agreement, dated as of 13 September 2021, by and among Corvus, the purchaser and the guarantor, the purchaser, among other things, acquired the remaining 80.5% of the outstanding common shares of Corvus not already owned by AngloGold Ashanti and its affiliates (the AGA Group).
The arrangement was overwhelmingly approved by Corvus shareholders and option holders at a special meeting held on 6 January 2022. On 11 January 2022, the company obtained the final order from the Supreme Court of British Columbia approving the arrangement.
Under the terms of the arrangement, shareholders of Corvus (other than the AGA Group) will receive CAN$4.10 in cash per Corvus Share.
Alberto Calderon, AngloGold Ashanti’s CEO and Executive Director, comments:
“The acquisition of Corvus provides AngloGold Ashanti with compelling, district-wide consolidation in Nevada. The combination of Corvus’ assets along with our own neighbouring targets, including Silicon, Merlin and Rhyolite, provides the opportunity for the Beatty District to become a potential Tier 1 asset with first production in approximately the next three years. We look forward to further engagement with local stakeholders as we develop the Beatty District.”
Jeffrey Pontius, President and CEO of Corvus, comments:
“We are delighted to close the transaction with AngloGold Ashanti, achieving our strategic goal for the company of value creation for the Corvus shareholders. AngloGold Ashanti’s long history of success and responsible exploration, development, mine building and operations will further augment the exceptional discoveries at the North Bullfrog and Mother Lode projects. I would like to thank the shareholders for their overwhelming support throughout the years and the whole team at Corvus. Today is a culmination of a very successful journey at Corvus.”
Read the article online at: https://www.globalminingreview.com/mining/20012022/anglogold-ashanti-completes-acquisition-of-corvus-gold/