Connected Minerals (ASX:CML) expects to complete its acquisition of Frontier Group CRM imminently, after shareholders approved all resolutions at a general meeting on 28 July.
The company is acquiring 100% of Frontier Group, which holds an 80% interest in the Bailundo Carbonatite Project in Huambo Province, Angola. The transaction includes an associated $4.5 million capital raising.
Angola’s National Mineral Resources Agency (ANRM) has granted Frontier’s application to expand the Bailundo mineral rights to include niobium, rare earth elements, and phosphates. The approval satisfies a key condition precedent under the binding share sale agreement.
“We are delighted with the strong shareholder support demonstrated for the transaction, and we thank MIREMPET [Ministry of Mineral Resources, Petroleum, and Gas of Angola] and the ANRM for the expedient handling of our application and the ANRM’s subsequent grant to include niobium, rare earth elements, and phosphates within the mineral rights,” Connected Minerals CEO Stephen Wetherall says.
“Following receipt of these key approvals, completion of the transaction is very close, and with exploration activities already underway at Bailundo, we look forward to moving quickly and becoming a part of Angola’s growing critical minerals sector.”
The ANRM has prepared a draft addendum to the mineral investment contract governing the Bailundo licence. Following execution and publication in the Angola Government Gazette, it will enter into force.
All conditions precedent under the share sale agreement are now satisfied or in a position to be satisfied or waived. Completion is expected to occur imminently.
Exploration activities have already commenced at Bailundo, with an operational update expected shortly.
Connected Minerals also holds a portfolio of exploration assets in Namibia and Western Australia.
Write to JC Villarba at Mining.com.au
Images: Connected Minerals
