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.
For further details see:
Hudbay Minerals will completely acquire Rockcliff Metals