Mithril Resources Limited cancelled the acquisition of Newrange Gold Corp. in a reverse merger transaction.
The non-binding term sheet is conditional upon a number of standard conditions, including completion of satisfactory due diligence by each of the parties on each other, the negotiation and execution of a formal Scheme Implementation Agreement and the acceptance of the Proposed Merger by Mithril Resources shareholders and the TSX Venture Exchange. The Proposed Transaction will also be subject to the approval of Newrange shareholders and ASX. The Board of Mithril Resources unanimously approved the merger. As of May 26, 2023, all necessary regulatory and government approvals being obtained, including approvals from both the ASX and the TSXV. Effective Date of the Scheme is October 23, 2023. As of October 5, 2023, Newrange Gold Corp. shareholders voted overwhelmingly in favour of all items to be voted upon, including the proposed merger with ASX-listed Mithril Resources Limited.
Mithril has appointed HopgoodGanim as Australian legal advisor and Armstrong Simpson as Canadian legal advisor. Newrange has appointed Steinepreis Paganin as Australian legal advisor and Pacific Star Corporate Finance Law as Canadian legal advisor. Mithril appointed RSM Corporate Australia Pty Ltd as the independent expert.
Mithril Resources Limited (ASX:MTH) cancelled the acquisition of Newrange Gold Corp. (TSXV:NRG) in a reverse merger transaction on November 21, 2023. The transaction has been terminated by mutual agreement. No break fee is payable by either party under these circumstances