Aeris set to bolster Cobar position with Peel deal
Aeris Resources has strengthened its foothold in the Cobar region with the acquisition of Peel Mining after Peel shareholders overwhelmingly backed a proposed scheme of arrangement under which Aeris will acquire 100 per cent of the company.
Peel shareholders voted in favour of both the scheme and the demerger of Spectre Metals from Peel through a capital reduction and pro rata in-specie distribution of Spectre shares.
The scheme resolution received support from 99.99 per cent of Peel shareholders present and voting, while 99.99 per cent of votes cast were in favour of the proposal. The demerger resolution was also approved by 99.99 per cent of votes cast.
The transaction remains subject to approval by the Supreme Court of New South Wales at a hearing scheduled for June 19, along with the satisfaction or waiver of other conditions outlined in the scheme booklet released on May 5.
If approved by the court, the orders will be lodged with the Australian Securities and Investments Commission, at which point the scheme will become effective.
The scheme and demerger are inter-conditional, meaning the Spectre demerger will only proceed if the Aeris acquisition becomes effective.
Peel is an advanced base and precious metals explorer with a primary focus on copper. Its key assets include the South Cobar Project, located about 100 kilometres south of Cobar in New South Wales, and the Curnamona Project in the Broken Hill district.
Peel has been exploring the southern Cobar Basin since 2010 and has discovered three deposits in seven years. The company is currently progressing development and environmental studies at South Cobar, where a proposed processing hub is expected to support future project development.
For Aeris, which owns and operates the Tritton copper operations near Nyngan and Cobar, the acquisition is set to further strengthen its presence in one of Australia’s most prospective copper regions.