SEC gives thumbs up to Aurous combination with Rigel

AUROUS Resources, the South African business that controls the historic Blyvooruitzicht mine, has received regulatory approval to merge with Rigel Resource Acquisition Group, a deal that would pave the way for further capital raisings.Aurous last year said it intended to raise $50m for his ambitions via a New York listing. To date, the total committed and commercially agreed finance raised is R519m ($27.5m).Once listed, the capital raised by Aurous will be ploughed into expanding the 89-year old mine to about 80,000 ounces of gold a year in three years. Another step change in production will be made to 150,000 oz per year. As of its half-year, output was 11,000 oz.Approval for the merger of the two companies was given by the US Securities and Exchange Commission. The SEC declared effective the registration statement for the proposed business combination on January 14, Aurous said.“We have made steady progress in our ongoing efforts at improving our operational efficiency and unlocking significant value for our shareholders on the back of near record high gold prices,” said Richard Floyd, CEO of Aurous Resources.“With the conclusion of our business transaction with Rigel, and the addition of new board members and investors, we expect 2025 to be a highlight in Aurous’ ongoing business journey,” he said.Rigel will hold a special meeting of shareholders on February 4 to vote on the approval and adoption of the business combination. The transaction is expected to close shortly after shareholder approval at the special meeting, subject to the meeting of other customary closing conditions, the company said.The combined company will be named Aurous Resources and is expected to be listed on the NASDAQ stock exchange.In a previous operating update for the first six months of the 2025 financial year, Aurous said it had generated revenue of R434m, an increase of five per cent year-on-year, as well as operating profit of R39m ($2.1m), a year-on-year increase of 59%.The post SEC gives thumbs up to Aurous combination with Rigel appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com