Mithril Resources Limited (Mithril) (ASX: MTH) refers to its previous ASX announcements in relation to the proposed Schemes of Arrangement under which Newrange Gold Corp. (Newrange) proposed schemes of arrangements pursuant to which Newrange would acquire 100% of the issued share capital of Mithril and pursuant to which the existing options to acquire shares in Mithril would be cancelled (together, the Schemes).
TERMINATION OF THE SCHEMES
Under the terms of the Scheme Implementation Deed (Deed), Newrange must complete the Concurrent Financing condition (which requires that Newrange undertake a private placement to raise up to CA$3,600,000) prior to the Second Court Hearing.
On Monday, 20 November 2023, Newrange informed Mithril that it had not been able to raise the necessary funds to satisfy the Concurrent Financing condition prior to the Second Court Hearing.
Accordingly, after extensive good faith discussions, Mithril and Newrange have mutually agreed to terminate the Deed, with effect from 21 November 2023. No break fee is payable by either party in these circumstances.
The Directors of Mithril consider that termination of the Deed is in the best interests of Mithril Shareholders and Optionholders (Mithril Securityholders) so as to allow Mithril to consider alternate strategic opportunities.
NEXT STEPS
Mithril Securityholders do not need to take any further action in respect of the Schemes.
The Board will need to assess the potential impact of this termination on the operations of the Company and as such will undertake an immediate strategic review. The Company has requested an extension to the existing suspension to undertake this review together with assessing the financial position of the Company. The suspension has been requested for a period of 2 weeks to 5 December 2023. A copy of the suspension request is attached to this announcement.
-ENDS-
Released with the authority of the Board. For further information contact:
| John Skeet Managing Director and CEO [email protected] +61 435 766 809 | Mark Flynn Investor Relations [email protected] +61 416 068 733 |
Original Article: https://www.investi.com.au/api/announcements/mth/9ce5e35a-a51.pdf
