ACG Acquisition Co Ltd - special-purpose acquisition company seeking reverse takeover in new economy metals and other mining materials - Calls extraordinary general meeting for January 16 to ask shareholders to approve an extension of the deadline for ACG to complete an acquisition to June 30 from January 25. Also asks for release of escrow account worth about USD490,000 to fund the company until then.
ACG says it is talks with several potential acquisition targets but has not yet signed a binding agreement. It has however signed a non-binding term sheet to buy a controlling stake in an operating copper mine in the Europe, Middle East and Africa region. The mine produces 20,000 to 25,000 tonnes of copper equivalent per year, ACG says, and the acquisition would require about USD200 million in debt and equity financing.
Current stock price: USD7.65, up 9.3% in London on Monday morning
12-month change: down 24%
By Tom Waite, Alliance News editor
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Acg Acq (ACG)