IRH to buy Tremont's majority interest in Alphamin Resources
The transaction involves IRH, through a wholly owned subsidiary, purchasing approximately 56% of Alphamin's outstanding common shares from Tremont Master Holdings.
Under the agreement, IRH will acquire 718,990,967 common shares owned by Tremont at a price of C$0.70 per share, amounting to a total consideration of C$503.3m ($367m), subject to adjustments.
The closing of the transaction is contingent on regulatory and internal corporate approvals.
IRH CEO Ali Alrashdi said: 'Alphamin's strong production profile aligns with our strategy of securing interests in high-quality mining assets with long-term growth potential.'
Once complete, IRH will hold a commanding 56% of Alphamin's outstanding common shares, marking its entry as a major shareholder in the company.
Prior to this agreement, IRH did not own any common shares in Alphamin. Post-transaction, Tremont will retain a minimal stake of approximately 0.8% in Alphamin, holding 10,133,592 common shares.
The acquisition is due to be executed via a block trade on a stock exchange, adhering to the "private agreement exemption" under National Instrument 62-104 – Take-Over Bids and Issuer Bids, with a share price not exceeding 115% of the market price.
Tremont Master Holdings chairman Rob Still said: 'Following Tremont's 12-year history in exploring, evaluating and then building and operating the Bisie mine, we are now pleased to transfer our ownership stake to another long-term investor who shares our vision for the operation and our commitment to the region.'
This development follows reports in November last year that IRH was in discussions to purchase an indirect stake in Alphamin Resources.
Denham Capital, the private equity firm owning 57% of Alphamin, has been exploring the creation of a new vehicle to hold this stake, drawing interest from various potential investors including IRH.
"IRH to buy Tremont's majority interest in Alphamin Resources" was originally created and published by Mining Technology, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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