Fortescue To Acquire Remaining Stake In Alta Copper In C$139 Mln Deal

SEATTLE (Scrap Monster): Fortescue Ltd (FMG.AX) and Alta Copper Corp. (ATCU.TO) have entered into a binding agreement under which Fortescue will acquire the remaining 64 per cent of Alta Copper's issued and outstanding common shares not already owned by the company. The acquisition will be completed through a Canadian Plan of Arrangement.

Under the terms of the transaction, Alta Copper shareholders will receive cash consideration of C$1.40 per share. This represents a premium of 50 per cent to Alta Copper's 30-day volume weighted average price (VWAP) and implies a total equity value of C$139 million.

The directors of Alta Copper who are entitled to vote have unanimously recommended that shareholders support the transaction. In addition, Alta Copper's directors, officers, and other shareholders holding 12.5 per cent of the company's shares have entered into voting support agreements committing to vote in favour.

Alta Copper is the 100 per cent owner of the Cañariaco Copper Project, located in Northern Peru within an emerging porphyry corridor that hosts several large exploration and development opportunities. The project covers 91 square kilometres of highly prospective tenure and includes the Cañariaco Norte deposit, the Cañariaco Sur deposit, and the Quebrada Verde prospect.

The Cañariaco Project has a reported mineral resource of 1.1 billion tonnes at 0.42% copper equivalent grade in the Measured and Indicated category, and 0.9 billion tonnes at 0.29% copper equivalent grade in the Inferred category.

The Transaction is targeted to close in the March quarter 2026.

Courtesy: www.nasdaq.com