Intrepid Mines Announces Compulsory Acquisition of Shares in 1AC

Today, on 6th May 2019, Intrepid Mines (ASX: IAU) announced the compulsory acquisition of shares in AIC Resources limited. As of 30th April 2019, being the closing date of offers made under the Takeover Bid, Intrepid has a relevant interest in over 90% of the fully paid ordinary shares on issue in AIC Resources. As per the section 661A of the Corporations Act 2001, IAU may now compulsorily acquire the outstanding fully paid ordinary shares on issue in AIC Resources. The company proposes to acquire the remaining fully paid ordinary shares on issue in AIC Resources on the same terms as set out in the bidder’s statement in respect of its Takeover Bid, being an offer of one fully paid ordinary share on issue in Intrepid for every two fully paid ordinary shares on issue in AIC Resources. According to the section 661B(1)(d) of the Corporations Act, the copy of IAU’s ASIC Form 6021 detailing the compulsory acquisition procedure is enclosed. It is confirmed by the company that according to the section 661B(1)(c)(i) of the Corporations Act, the Notice will be despatched to the holders of fully paid ordinary shares in AIC Resources tomorrow. The notice was also lodged with ASIC today according to section 661B(1)(b) of the Corporations Act. As per the Australian Stock Exchange Listing Rule 17.4, the company acknowledged that AIC Resources’ shares will be suspended for five business days after ASX receives a copy of the notice.

In the previous update, the company published its March 2019 quarterly report, where it presented the operational and financial highlights. The drilling at Doolgunna Station Project was completed, which comprised of eight drill holes completed at the Doolgunna Station Joint Venture to test an area 15km along strike from the DeGrussa copper-gold VHMS deposit; and four drill holes intersect prospective Narracoota and Karalundi Formations, the same rocks that host the DeGrussa copper-gold VHMS deposit. Under the financial highlights, the group…

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