Katanga Mining Limited has announced the success of the merger with Yukon Inc. This is following a 99.9% vote by shareholders earlier on in the month.
According to a press statement from the company, terms of the merger state that shareholders other than Glencore International AG are entitled to receive US $0.12 in cash for each pre-merger common share of the Company, for aggregate consideration of US $39.1m.
This further means, that he company is now wholly-owned by Glencore International. As such, the Company will cease to be a reporting issuer. This, ideally, will exempt it from the ongoing continuous disclosure and reporting obligations currently imposed upon the Company before the merger.
As for the company financials, the statement further expounds that the company will cease to be a reporting issuer under applicable Canadian securities legislation prior to June 29, 2020 and that, subject to receiving the necessary approvals, it will not be required to file its 2020 first quarter interim financial statements and related management’s discussion and analysis for the three months ended March 31, 2020.
Katanga Mining Limited operates a major mine complex in the Democratic Republic of Congo producing refined copper and cobalt. The Company has the potential to become Africa’s largest copper producer and the world’s largest cobalt producer.
Glencore International AG
GIAG is one of the world’s largest globally diversified natural resource companies and is a major producer and marketer of commodities, employing 160,000 people around the world. GIAG’s operations comprise around 150 mining and metallurgical sites and oil production assets.