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(Sharecast News) - Greatland Gold announced on Monday that completion of its acquisition of a 70% stake in the Havieron gold-copper project, 100% ownership of the Telfer gold-copper mine, and related Paterson region assets from Newmont Corporation, had been scheduled for 4 December.
The AIM-traded firm said the transaction, originally disclosed in September, represented a reverse takeover under AIM rules and would result in the admission of Greatland's enlarged share capital to trading on AIM upon completion.
It said it had issued and allotted 2.67 billion consideration shares to Newmont, subject only to admission.
Following completion, Greatland's share capital would consist of around 13.08 billion ordinary shares, each carrying one voting right.
While most acquisition conditions had been satisfied, Greatland said it had waived certain third-party and regulatory consents to expedite the transaction.
Mechanisms were in place to secure outstanding approvals post-completion, ensuring operational activities proceed as planned.
The company said it expected no material impact from the waivers, and would provide additional details in a supplementary admission document.
"We are delighted to have scheduled completion of Greatland's transformational acquisition of Telfer and Havieron for 4 December," said managing director Shaun Day.
"Completion will mark the beginning of a new chapter for Greatland as an immediate and significant Australian gold and copper producer.
"The combination of immediate production from the Telfer operations and our planned completion of the development of the world-class Havieron project provides an exceptional platform for continued growth."
At 1134 GMT, shares in Greatland Gold were up 1.93% at 7.38p.
Reporting by Josh White for Sharecast.com.
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