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Metminco closes takeover of Andes Resources after gaining 99.7%

The company has commenced the compulsory acquisition process for the remaining Andes shares.

Metminco Limited - Metminco closes takeover of Andes Resources after gaining 99.7%
The combined entity will focus on gold exploration in Colombia

Metminco Limited (ASX:MNC) has closed its all scrip takeover offer for 100% of the fully paid shares in Andes Resources Limited and has obtained 99.7% of all Andes shares on issue.

The company has started the compulsory acquisition process for the remaining Andes shares on issue.

Compulsory acquisition notices and related correspondence has been dispatched to Andes shareholders who have not accepted the offer and the relevant notices lodged with ASIC.

The compulsory acquisition will be on the same terms as the takeover offer - 25 Metminco shares for every 1 Andes share held.

Upon closing of the offer at 5pm on August 15, 2019, Metminco had received acceptances of 103,824,990 of 104,104,157 Andes shares.

Acceptance from Sandfire

This included acceptance from Andes’ largest shareholder Sandfire Resources NL (ASX:SFR).

RMB Australia Holdings Limited will be allocated 1 billion Metminco shares.

These are to be issued in consideration for entry into the RMB Debt Refinancing Agreement, upon RMB receiving approval from the South African Reserve Bank.

Based on conversations with RMB, Metminco expects this approval to be forthcoming within the coming weeks.

Focus on Colombia

The merger with Andes will create a leading Colombian gold explorer with a dominant position in the richly endowed Mid-Cauca Gold Belt.

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