Allens has advised ASX-listed gold exploration and development company Aurumin Limited on its proposed acquisition by Brightstar Resources Limited via scheme of arrangement.
Under the terms of the scheme, Brightstar will acquire 100% of the issued capital of Aurumin, with Aurumin shareholders to receive 1 Brightstar share for every 4 Aurumin shares. Separately, outstanding Aurumin options will be exchanged for new Brightstar options at the same exchange ratio and on equivalent terms.
The transaction, which is unanimously recommended by the Aurumin Board, brings together two complementary gold portfolios in Western Australia, delivering a combined landholding of approximately 1600km2 in the emerging Sandstone gold district, with Aurumin shareholders set to retain exposure to the development.
'We are delighted to have advised Aurumin on this important transaction for WA's gold industry, and look forward to seeing the Sandstone gold region move forward with improved scale and reduced risk,' said lead partner Bryn Hardcastle.
The deal builds on Allens' extensive experience in West Australian gold M&A, with the firm having advised Newmont Corporation, Minerals 260 Limited and Golden Horse Minerals Limited on recent buy and sell-side transactions concerning the precious metal.
