The Independent Expert has also concluded that in the absence of a superior proposal, the Scheme is fair and reasonable and is in the best interest of Exterra shareholders.
Details of the merger
Under the merger implementation agreement, Anova has agreed to acquire all of the issued capital of Exterra by way of a scheme of arrangement.
The merged entity will have a top tier portfolio of production, development and exploration projects under the guidance of an experienced and proven management team.
It will advance the combined entity towards becoming a multi‐jurisdictional gold producer.
A merged entity would own JORC Resources of 1.23 million gold ounces and Ore Reserves of 65,000 gold ounces across two advanced projects with exploration upside.
The first being Exterra’s Linden gold project which features the Second Fortune gold mine, located in Western Australia, which is commencing production.
The second being Anova’s permitted and production-ready Big Springs gold project located in U.S. state of Nevada.