Rigel Resource Acquisition Corp. (NYSE:RRAC) entered into a business combination agreement to acquire Blyvoor Gold Resources Pty Ltd/Blyvoor Gold Operations Pty Ltd from Blyvoor Gold (Pty) Ltd for approximately $410 million on March 11, 2024. As part of consideration, Rigel will issue 0.6 million Newco Ordinary Shares to Blyvoor Gold in exchange for its shares of Tailings, 28 million Newco Ordinary Shares to Blyvoor Gold in exchange for its shares of Blyvoor Resources and 7 million Newco Ordinary Shares to Orion in exchange for its shares of Blyvoor Resources. The Proceeds of the Transaction will help fund organic production growth at Aurous Blyvoor Mine, optimization projects and the build-out of the Gauta Tailings project. Aurous? existing management team, led by Chief Executive Officer, Richard Floyd and Executive Chairman, Alan Smith, will continue to lead the business.

Upon completion, the merged entity is expected to be named Aurous Resources and is to ultimately list on NASDAQ. The transaction is subject to approval by Rigel shareholders, by the Financial Surveillance Department of the South African Reserve Bank and other customary closing conditions and is expected to close in the second half of 2024. The transaction has been unanimously approved by the boards of directors of Aurous and Rigel.

Citigroup Global Markets Inc. acted as capital market advisor to Rigel Resource. Sidley Austin LLP acted as legal advisor to Rigel Resource. Bowmans acted as legal advisor to Rigel Resource. Rand Merchant Bank acted as financial advisor to Aurous. Milbank LLP acted as legal advisor to Aurous. Edward Nathan Sonnenbergs Inc. acted as legal advisor to Aurous. Davis Polk & Wardwell LLP is acting as legal advisor to Citi and Hannam.