THE BOURSE WHISPERER: Renaissance Minerals (ASX: RNS) has struck a Joint Venture Agreement with Emerald Resources (ASX: EMR) in accordance with the terms of a Memorandum of Agreement the two companies announced in February 2016.
The JV Agreement remains conditional upon:
Approval by the shareholders of Renaissance (meeting to be held 30 March 2016);
Approval by the shareholders of Emerald (meeting to be held 31 March 2016);
ASX granting Emerald conditional approval for the securities in Emerald to be reinstated to trading on the ASX following re-compliance by Emerald with ASX Listing Rules; and
Renaissance and Emerald obtaining necessary approvals and consents from the Cambodian Government.
“The proposed transaction with Renaissance will constitute a change in the nature and scale of activities from oil and gas in the United States to gold exploration and development in Cambodia,” Emerald Resources explained in its ASX announcement.
“As such, Emerald will be required to obtain shareholder approval of the transaction and to re-comply with Chapters 1 and 2 of the ASX Listing Rules.”