Orea Mining Corp provides an update on the closing of the acquisition of the additional 55.01% interest for a total of 100% in the Montagne d’Or project holding company in French Guiana, France. HoldingCo holds 100% of the Montagne d’Or permitting stage, 5-million-ounce open pit gold mine development project. Montagne d’Or has good grade, excellent metallurgy, and there is considerable potential to increase ounces by infill and expansion drilling.
The final regulatory and administrative steps to close the acquisition were all obtained and completed, and closing was scheduled for on February 28, 2023. However, late last week on Thursday February 23, the Canadian government sanctioned numerous additional Russian entities and individuals, including certain ultimate shareholders of Nord gold PLC. Orea therefor wishes to obtain comfort on sanctions from the Canadian government prior to proceeding to closing.
Orea has been liaising with Canadian government diplomatic staff for several months in Washington, France and in the UK, hence the Canadian government has been indirectly informed, however direct engagement with Canadian sanctions authorities will now be sought on a rush basis. Nordgold has extended the deadline for closing the transaction from February 28 to March 30, 2023.
The EU regulations which govern certain deadlines has also been amended to allow for an extension, providing the ability for France to grant Orea an extension to its most recent approval. Canadian and French applications are being filed immediately, and Orea believes that March 2023 is a reasonable target to obtain both Canadian approval and French extension and to fully close the transaction.
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