Auris Minerals has agreed to extend the completion date for its acquisition of Sandfire Resources Sams Creek gold project in New Zealand by two months.
The acquisition involves the purchase of Sandfire’s interest in the one million ounce Sams Creek gold project in New Zealand, in return for a 19.99 per cent share in Auris Minerals.
The delay appeared when regulatory approval from New Zealand Petroleum and Minerals could not be obtained by required date of March 31, 2021.
A refreshment of the capital raising approval is now required due to the delay.
Auris’ capital raising will expire due to the extension, with the company now having to reapply to refresh the approval with Lazarus, in consultation with Sandfire.
In a statement on March 18, Auris managing director Mike Hendriks said the acquisition remained promisingly on track.
“Notwithstanding some minor delays, Auris is making significant progress towards completing the acquisition of the Sams Creek Gold Project, and our team continues to work very closely with both Sandfire and Lazarus to successfully finalise the acquisition,” Hendriks said.
Hendriks has recently spruiked the quality of the acquisition and the value it represents for shareholders.
“Initial indications from our work on the ground at Sams Creek are very encouraging and we are looking forward to accelerating our development plans in due course,” Hendriks said.
“This is a transformational acquisition for Auris, which once complete, will provide shareholders with exposure to a million-ounce gold project in a tier 1 mining jurisdiction.”