Each director and key management personnel of Avanco Resources Ltd. recently accepted the off-market cash and scrip offer by OZ Minerals Ltd., through its wholly owned subsidiary OZ Minerals Brazil Pty Ltd. (OZ Minerals), for all their shares in Avanco. The takeover bid was announced in March. Under the offer, Avanco shareholders will receive A$0.085 and 0.009 OZ Minerals shares for every 1 Avanco share held.
“Avanco shareholders will continue to have exposure to Avanco’s exciting asset portfolio in Brazil and OZ Minerals is strongly supportive of the Avanco management team’s Brazilian development strategy,” Managing Director of Avanco Tony Polglase said. “The combination of OZ Minerals’ robust Australian asset portfolio, experienced team and strong balance sheet with Avanco’s largely undeveloped, high-quality Brazilian asset portfolio provides for a promising future for the combined entity and its shareholders.”
OZ Minerals is an Australian-based mining company with a focus on copper and owns and operates the copper-gold-silver mine at Prominent Hill. It is also developing one of Australia’s largest copper-gold resources at Carrapateena.