OreCorp Limited completed the acquisition of additional 26% stake in Nyanzaga gold project from Acacia Mining plc.
As of August 16, 2019, OreCorp announced the placement of 53.1 million ordinary shares at an issue price of AUD 0.25 ($0.17) per share to domestic and overseas institutional and sophisticated investors to raise gross proceeds of AUD 13.3 million ($9 million) to be used to fund the acquisitions. As of August 30, 2019, the Tanzanian Revenue Authority issued tax assessment notices in relation to the acquisition. The Government of Tanzania will also become a shareholder of Nyanzaga Mining Company Limited once the deal is completed. The transaction is subject to approval from the Tanzanian Fair Competition Commission (FCC) and Mining Commission. On September 5, 2018, the Tanzanian Fair Competition Commission granted its approval for the transaction. As of September 15, 2019, transaction was approved by Tanzanian Mining Commission. Transaction is expected to complete in coming days.
OreCorp Limited (ASX:ORR) completed the acquisition of additional 26% stake in Nyanzaga gold project from Acacia Mining plc (LSE:ACA) on October 21, 2019. The Ministry of Minerals has previously indicated that the Special Mining Licence (SML) will be granted following completion of 100% ownership of the Project by OreCorp. Upon the grant of the SML, OreCorp will welcome the Government of Tanzania as a shareholder of Nyanzaga Gold Project and pay the balance of $8.05 million of the consideration payable for the acquisition of the project.