Metals Acquisition announced that its shareholders voted to approve buying from Glencore Operations Australia Pty Limited the entire share capital of Cobar Management Pty. Limited, which owns and operates the Cornish, Scottish and Australian mine. The copper mine deal had a value of $1.1 billion at announcement more than a year ago.
In an 8-K filing the SPAC noted that 27,538,130 votes were cast in favor of the deal, with 455,506 opposed.
Metals Acquisition will continue as the surviving company following the merger. The deal is scheduled to close June 15.
Stock and warrants are set to begin trading Jun 16 on the New York Stock Exchange under the ticker symbols, MTAL and MTAL.WS.
The SPAC in the 8-K filing said 23,513,685 shares were redeemed. That would have erased most of the $250 million Metals Acquisition raised in a July 2021 IPO, however, since the deal was announced in March 2022, the SPAC had rounded up hundreds of millions of dollars in supplemental financing, including debt facilities, PIPEs, silver streaming agreements and other funding. The finaly payout for the mine acquisition was not disclosed in the 8-K. Read more.
