LONDON - Condor Gold PLC (LSE: CNR) has officially announced the completion of its acquisition by Metals Exploration PLC (LSE: MTL) following the successful implementation of a scheme of arrangement. As of today, the arrangement has taken effect after the Court Order was registered with the Registrar of Companies.
The acquisition process began with the publishing of a detailed scheme document by Condor Gold on December 11, 2024. This document outlined the terms under which Metals Exploration agreed to acquire all issued and to be issued share capital of Condor Gold.
As a consequence of the acquisition, trading of Condor Gold shares on the Alternative Investment Market (AIM) was suspended as of 7:30 a.m. on Monday. The shares are expected to be completely removed from the AIM at the start of trading tomorrow, January 16, 2025. Additionally, Condor Gold shares were delisted from the Toronto Stock Exchange at the close of the market on January 14, 2025.
Shareholders of Condor Gold who were on the company's register at 10:00 p.m. on January 14, 2025, will receive 4.0526 new Metals Exploration shares, 9.9 pence in cash, and 1 Contingent Value Right for every share they held under the terms of the scheme. Payments to shareholders will be made within 14 days from today, with cheques sent to those holding shares in certificated form, and credits made to CREST accounts for uncertificated shares.
In line with the acquisition, all directors of Condor Gold have resigned from their positions effective immediately, marking a significant change in the company's leadership.
This strategic move combines Condor Gold's assets with Metals Exploration's portfolio and is a noteworthy event in the mining sector. The information for this article is based on a press release statement from Condor Gold.
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