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Cassini Resources shareholders vote in favour of acquisition by OZ Minerals and demerger of Caspin

Cassini will demerge its Yarawindah Brook and Mount Squires assets into a new company, Caspin Resources Limited, which intends to apply to list on the ASX.

Cassini Resources Ltd - Cassini Resources shareholders vote in favour of acquisition by OZ Minerals and demerger of Caspin
Following the acquisition, OZ Minerals will consolidate 100% ownership of the West Musgrave Project and surrounding tenements

Cassini Resources Limited (ASX:CZI) (FRA:ICR) shareholders have voted in favour of the schemes of arrangement under which Cassini will be acquired by mid-tier miner OZ Minerals Limited (ASX:OZL) (OTCMKTS:OZMLF) (FRA:OXR).

The schemes of arrangement include a demerger of Cassini’s Yarawindah Brook and Mount Squires assets into a new company, Caspin Resources Limited.

Cassini will now seek orders of the Supreme Court of Western Australia for approval of the acquisition scheme and the demerger scheme at hearings scheduled for September 23 2020.

If the schemes are approved by the court, Cassini intends to lodge the orders of the court with ASIC on September 24 2020 and the schemes will become effective on that date.

Cassini shares will then be suspended from trading on ASX from the close of trading on September 24 2020. The acquisition scheme is expected to complete on October 5 2020.

“Realising immediate value”

Cassini chief executive Richard Bevan recently said it was an opportune time for Cassini shareholders to realise value for the West Musgrave Project, whilst maintaining their exposure to the Yarawindah Brook and Mount Squires assets.

“In accepting the offer, Cassini shareholders are able to realise immediate value for their stake in the West Musgrave Project whilst retaining their exposure to the project via the OZ Minerals shares that form part of the consideration.

“In addition, we are excited to be launching a new company, that intends to apply for listing on the ASX (subject to regulatory approvals), and in which Cassini shareholders will receive pro-rata shares.

“Caspin will focus on the highly prospective exploration projects at Yarawindah Brook and Mount Squires.”

Quick facts: Cassini Resources Ltd

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ASX:CZI
Market: ASX
Market Cap: $97.15 m
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