The Supreme Court of Western Australia has approved a scheme of arrangement, involving Patronus Resources (ASX:PTN), formerly known as Kin Mining, acquiring PNX Metals (ASX:PNX).
Patronus Resources, which has a market capitalisation of $63.62 million, says the merged group will create a pro-forma market capitalisation of $123 million and a balance sheet consisting of $89.6 million in cash and liquid investments, alongside no debt.
Under the scheme, PNX shareholders will be entitled to receive one Patronus share for every 13 PNX shares held on the record date of 4 September 2024.
Ineligible foreign shareholders will receive the net proceeds of the sale of the scheme consideration, to which they would have otherwise been entitled to receive.
PNX Metals shares will be suspended from trading on the ASX as of yesterday (2 September 2024).
The merger will create a diversified portfolio of quality mineral assets in tier one jurisdictions across Australia, hosting a total mineral resource in excess of 1.4 million ounces of gold, 16.2 million ounces of silver, and 177,000 tonnes of zinc, with near-term expansion potential and multiple “highly prospective” gold, base metal, and uranium prospects.
Patronus Resources says it is expected that the scheme will be implemented and the scheme consideration will be issued on 11 September 2024.
Patronus Resources is a Western Australian-based gold developer and explorer. The company’s COO John Ingram is presenting tomorrow (4 September) at the Resources Rising Stars conference in Queensland.
Write to Aaliyah Rogan at Mining.com.au
Images: Patronus Resources
