Conquest and Catalpa to form A$1.1 billion company
- Publishing Date
- 15 Jun 2011 10:56am GMT
- Author
- Mining Journal
Conquest Resources Ltd and Catalpa Mining Ltd have agreed to create a new company through a merger and acquisition of projects owned by Newcrest Mining Ltd.
Newcrest would sell its 70% interest in the Cracow mine and exploration joint ventures in Queensland, and its 100% interest in the Mt Rawdon mine (also in Queensland) in exchange for a 38% stake in the merged entity.
The new company has also committed to a A$150 million raising following the completion of the merger and asset-acquisition. This would dilute Newcrest’s shareholding to 33% after it agreed to not participate in the raising.
In a joint statement, Conquest and Catalpa said: “The equity raising is intended to suitably capitalise the significantly-enlarged merged entity ensuring financial flexibility for development of the asset portfolio and to fund growth opportunities.”
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