THE BOURSE WHISPERER: Coda Minerals will be expecting a rush of interest at the 2022 RIU Explorers Conference next week after announcing it is to merge with Torrens Mining to create a leading base and precious metals exploration company focussed on the Elizabeth Creek copper project in South Australia.
If successful, the proposed merger is expected to result in Coda consolidating 100 per cent-ownership of the Elizabeth Creek copper project via the acquisition of Torrens’ current 30 per cent Joint Venture interest.
“The combination with Torrens provides a compelling opportunity to create value for both sets of shareholders by unlocking important synergies in the exploration and development of our core asset, the Elizabeth Creek copper project in South Australia,” Coda Minerals chief executive officer Chris Stevens said in the companies’ joint ASX announcement.
“The offer provides an immediate premium of over 30 per cent, while the consolidation of 100 per cent-ownership of Elizabeth Creek in a single company represents a logical and very positive next step in the project’s evolution.”
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