Mantengu Mining Limited agreed to acquire Birca Copper and Metals Proprietary Limited from SA Metals and Fossils Proprietary Limited and Birca Investments Proprietary Limited for ZAR 29.9 million.

Mantengu Mining Limited (JSE:MTU) agreed to acquire Birca Copper and Metals Proprietary Limited from SA Metals and Fossils Proprietary Limited and Birca Investments Proprietary Limited for ZAR 29.9 million on May 10, 2024. As consideration for the Sale Shares, Mantengu Mining will issue to the Sellers such number of ordinary shares in Mantengu which, at the Closing Date, will have a market value equivalent to an aggregate of ZAR 29.887 million and the Consideration Shares will be issued to the Sellers in the ratio 80% to Birca Investments and 20% to SA Metals and Fossils. For the year ended February 29, 2024 BCM has unaudited net asset value of ZAR 102 million and unaudited profit attributable of ZAR 2 million.

The transaction is subject to the board of directors of Mantengu adopting the requisite resolutions to, inter alia, authorise the acquisition of the Sale Shares by Mantengu, subject to the fulfilment of the aforementioned suspensive conditions, Mantengu confirming to the Sellers that no material adverse change, as set out in the Agreement, has occurred, BCM procuring the Purchaser?s Nominees as signatories on its bank account; and boards of directors of each of the Sellers resolving to authorise each of the Sellers to enter into and implement the Agreement.