Atlas to take 19.9% of Centaurus
- Publishing Date
- 27 Jul 2011 11:33am GMT
- Author
- Mining Journal
Australian iron-ore producer Atlas Iron Ltd has formed a strategic alliance with Brazilian-focused Centaurus Metals Ltd.
Following an agreement between the ASX-listed companies, Atlas plans to acquire a 19.9% stake in Centaurus for A$18.7 million (US$20.7 million).
The deal would take place in two tranches, with Atlas initially purchasing 110 million shares at A$0.088 each out of Centaurus’ existing 15% capacity.
Subject to Centaurus shareholder approval, Atlas would then subscribe to a further 102 million shares to complete the second tranche.
Atlas would also receive a further 16 million options under the first tranche, and another 14 million under the second tranche.
David Flanagan, Atlas managing director, said: “We see the Centaurus business model of seeking low capital iron-ore projects, which are close to infrastructure, as similar to that which has served Atlas so well in the Pilbara.”
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