Havilah Resources Ltd (ASX:HAV) will soon be convening an extraordinary general meeting (EGM) to seek approval from shareholders for the proposed transaction with SIMEC Mining, a member of the GFG Alliance.
As recently detailed, Havilah entered an agreement with SIMEC Mining that provides for a capital injection of up to $100 million to fund work programs on its iron ore and copper assets.
There are two documents and a number of normal required regulatory reviews that need to be completed before an EGM can be called and a date set.
The key document to be completed is an independent expert report (IER), which Havilah understands is nearing finalisation and expects to receive soon.
Once this is received and the company has met its other obligations, an EGM can be called with a minimum of 28 days’ notice, at which, Havilah shareholders can approve the transaction.
Recently, Havilah received assays from diamond drill hole GBDD014 completed at its Grants Basin Iron Ore Project in South Australia.
Assays revealed 488 metres at 24.57% iron from 126 metres.
This drilling was part of a comprehensive program of work which was performed and funded by OneSteel Manufacturing Pty Ltd (SIMEC), a member of the GFG Alliance.
Drilling was part of their due diligence investigation of the commercialisation potential of Havilah’s Maldorky and Grants iron ore projects in South Australia.
Proactive caught up with Havilah in early April 2019 for an update.