Business
Market Update on Acquisition Funding and Timeline
Market Update on Acquisition Funding and Timeline.
About this update from Acg Metals Limited Class A
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\nTHIS ANNOUNCEMENT IS NOT INTENDED TO CONSTITUTE, AND SHOULD NOT BE CONSTRUED AS, AN OFFER TO SELL OR A SOLICITATION OF ANY OFFER TO BUY THE SECURITIES OF THE COMPANY (AS DEFINED BELOW) IN ANY JURISDICTION WHERE IT WOULD BE UNLAWFUL TO DO SO\n23 August 2024\nACG Acquisition Company Limited\n(\"ACG\" or the \"Company\")\nMaRKET UPDATE \non ACQUISITION FUNDING AND TIMELINE\nBACKGROUND\nOn 18 July 2024, ACG announced that it had agreed the acquisition of the Gediktepe Mine in Türkiye from Lidya Madencilik Sanayi ve Ticaret Anonim Şirketi, a subsidiary of Istanbul-based conglomerate Çalık Holding (the \"Acquisition\").\nOn 7 August 2024, ACG announced the publication of a prospectus (the \"Prospectus\") which had been approved by the U.K. Financial Conduct Authority in relation to the Acquisition and a related equity placing (the \"Placing\").\nOn 7 August 2024, ACG also announced the publication of a circular (the \"Circular\") and a notice of extraordinary general meeting of its shareholders (\"EGM Notice\") convening a meeting of the shareholders of ACG (the \"Acquisition EGM\") for the purpose of considering and voting on the adoption of certain resolutions, including, but not limited to, the approval of the Acquisition.\nOn 19 August 2024, ACG announced, among other market updates, that the Acquisition had been approved by holders of the Company's Class A ordinary shares.\nThe Prospectus, the EGM Notice and the Circular are available on the Company's website at www.acgcorp.co, subject to certain access restrictions. Capitalised terms not otherwise defined in this announcement have the meaning set forth in the Prospectus.\nUPDATE on Acquisition FUNDING\nACG announces today that the $100m in upfront purchase price for the Acquisition is fully funded based on commitments and further indications from investors as follows:\n· $32.5m in total equity commitments from ACG's Co-Sponsors and Traxys;\n· $37.5m in gold prepay debt facility underwritten by Traxys and ACG's Co-Sponsors;\n· A minimum of $15m in equity proceeds fr...