The planned name change from Aureus Mining to Avesoro Resources is expected to become effective in mid-December 2016.
Following approval of resolutions at a special shareholders meeting held on Tuesday, Aureus Mining has also applied for the issuing of the 4110 000 000 new shares of no par value in the company, to be admitted for trading on on AIM and the TSX, on or around 6 December 2016. The new shares will have the same value as the company’s existing shares.
Following the issue of the new shares, the company’s issued share capital will comprise 5 314 039 001 shares.
The shareholder approval of the issuing of the new shares represents the fulfilment of the set condition for the $72 million equity fundraising, which will finance the transition of the company to an owner-operator mining model.
Following the name change, the share code of Avesoro Resources will be ASO for both the AIM and the TSX.
The company’s assets include the New Liberty gold mine in Liberia, which has an estimated proven and probable mineral reserve of 8.5 Mt with 924 000 ounces of gold at a grade of 3.4 g/t.
To date, a definitive feasibility study has been completed, the first gold pour has taken place and commercial production has been declared at the mine.