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Aura Minerals Announces Final Approval for acquisition of Big River
ROAD TOWN, British Virgin Islands, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Aura Minerals Inc. (TSX:ORA, B3:AURA33) (“Aura” or the “Company”) is pleased to announce t
About this update from Aura Minerals Inc.
[{"type":"text","content":" ROAD TOWN, British Virgin Islands, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Aura Minerals Inc. (TSX:ORA, B3:AURA33) (“Aura” or the “Company”) is pleased to announce that the Supreme Court of Western Australia (“Court”) announced today its decision approving the proposed scheme of arrangement (“Scheme”), pursuant to which Borborema LLC, an indirect wholly-owned subsidiary of Aura (“BidCo”) will acquire all the shares of Big River Gold Limited (“Big River”). Holders of Big River shares (“Big River Shareholders”) other than Dundee Resources Limited (“Dundee Resources”), will receive A$0.36 in cash (“Cash Consideration”) for each Big River share held. Aura will hold its interest in BidCo through an intermediate holding company (“JVCo”) and Dundee Resources has agreed, subject to certain limited conditions, to receive shares in JVCo (“Share Consideration”), in lieu of the Cash Consideration in order to indirectly maintain an equity interest in Big River (“Transaction”). Highlights The final regulatory step for the approval of the acquisition by Aura of Big River, owner of Borborema Gold Project (“Borborema” or “the Project”), is concluded and the transaction was approved by the Court Implementation of the transaction, which includes the disbursement of cash consideration and the acquisition of Big River shares by JVCo is expected to occur on September 20, 2022 As previously announced on April 19, 2022 (Aura to Acquire Big River Gold via an Australian Scheme of Arrangement), Aura will acquire Big River and will form an 80%/20% joint venture with Dundee Resources Borborema will add 8.2 Mt at a grade of 1.22 g/t Au (320K oz.) to Measured Mineral Resources, 42.8 Mt at a grade of 1.12 g/t Au (1.55 million oz.) to Indicated Mineral Resources and 17.6 Mt at grade of 1.00 g/t Au (0.57 million oz.) to Inferred Mineral Resource to Aura’s portfolio, representing a 40% increase to Measured & Indicated Mineral Resources and 33% increase to Inferred Mineral Resources1 to Aura’s portfolio. Project construction is fully licensed Possibility of increasing the throughput of plant Logistical facilities and cities with good infrastructure nearby Aura expects to review the Project and complete a Feasibility Study (“Borborema FS”) in compliance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (\"NI 43-101”) on the Borborema Pr...