CA - Hudbay Minerals will completely acquire Rockcliff Metals

2023-06-20 02:09:16 ET

• Hudbay Minerals ( NYSE: HBM )  will acquire 100% outstanding shares of Rockcliff Metals ( OTCQB:RKCLF ) that it does not already own.
• Rockcliff ( OTCQB:RKCLF ) shareholders will receive 0.006776 of a Hudbay share for each Rockcliff share held, representing an attractive premium to Rockcliff’s recent trading price.
• The enterprise value to Hudbay, net of Rockcliff’s cash, is ~$13M.
• Rockcliff is the 49% joint venture partner on Hudbay’s Talbot project and also owns 100% of six additional deposits in the Snow Lake region.
• The arrangement is expected to close in Q3 2023.
• In the event that the arrangement agreement is terminated in certain circumstances, Rockcliff ( OTCQB:RKCLF ) has agreed to pay Hudbay ( HBM ) a termination fee of C$700,000.

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