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ACG Acquisition Co Ltd - special purpose acquisition company focused on copper and other critical metals - Updates on acquisition of Gediktepe polymetallic mine in the Balikesir province of western Turkey from Lidya Madencilik Sanayi ve Ticaret Anonim Sirketi, a subsidiary of Istanbul-based conglomerate Calik Holding. Says cash consideration has been reduced to $85 million, subject to a working capital adjustment, from $100 million. Adds the $85 million in cash to be sourced from $31.5 million in equity commitments from ACG cosponsors and Traxys Europe SA, a $37.5 million gold prepay debt facility underwritten by Traxys and ACG cosponsors, as well as a minimum $16 million in proceeds from its placing. Placing is for up to 4.2 million new shares at $6.00, raising about $25 million in cash. Further, the number of ACG shares to be issued to Lidya increases to 38% of total ACG share capital from a previously stated 30%.
Current share price: $8.55, closed down 10% in London on Wednesday
12-month change: down 20%
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