PERTH: Cassini Resources Limited advises that the scheme of arrangement pursuant to which OZ Minerals Limited will acquire 100% of the shares in Cassini has been implemented.
All Cassini shares have been transferred to OZ Minerals. The Acquisition Scheme consideration, comprising OZ Minerals shares, has been issued to Cassini shareholders, other than ineligible foreign shareholders and small shareholders who did not make an election.
Ineligible foreign shareholders and Non-Electing Small Shareholders will have the Acquisition Scheme consideration that they would have otherwise been entitled to receive issued to a sale agent who will then sell those OZ Minerals shares and remit the proceeds (if any) to those shareholders.
An application has been made to remove Cassini from the official list of ASX as at the close of trade on 5 October 2020 or as soon as practicable thereafter.
OZ Minerals Chief Executive Andrew Cole said the company is pleased to now have 100% ownership of the West Musgrave Project. “I would like to thank both the Board of Cassini and their shareholders for their support for this transaction. Over the past four years we have built a strong partnership with the team at Cassini as we have progressed the project through Further Scoping Study and Pre-feasibility Study (PFS). We look forward to building on the progress achieved to date.
“Consolidating our ownership position in the West Musgrave Province, including surrounding tenements at One Tree Hill and Succoth, enables optionality regarding the optimal approach, timing and funding for the project.
“The PFS released in February 2020 showed West Musgrave to be a low cost, long life (26 year), copper-nickel open pit project with a low carbon footprint. We are focused on a smooth and efficient integration in the immediate term and will update the market during this quarter on next steps for the project.
“We look forward to welcoming Cassini shareholders to our register to continue to benefit from further progress at West Musgrave as well as our broader portfolio of producing and growth assets.”