Africa Resources is a TSX-listed, Canada-based mineral company engaged in the acquisition, exploration and development of base metal assets in Africa.
The transaction closed on 6 July after being approved by 99.99% of shareholders at Africo Resources’ annual and special meeting.
Pursuant to the transaction, ERG, via its wholly-owned subsidiary Camrose Resources, will acquire all of the issued and outstanding common shares of Africo Resources that Camrose did not already own, by way of a plan of arrangement approved by the Ontario Superior Court of Justice. Before the transaction Camrose owned 63.66% of Africo’s common shares.
Benedikt Sobotka, CEO of ERG, says: “This acquisition is a step forward with our strategy to consolidate our asset base. By buying out Africo Resources’ minority shareholders we have simplified the ownership of the DRC-based Kalukundi property and strengthened our position in the African Copperbelt.”