RTEC announces sale of interest in the Fort à la Corne Joint Venture to Star Diamond Corporation
March 26 2024 - 7:59PM
Business Wire
Rio Tinto Exploration Canada Inc. (“RTEC”) is pleased to
announce that it has acquired 108,204,112 common shares in the
capital of Star Diamond Corporation (“SDC”) in exchange for
all of its interest in the Fort à la Corne joint venture (“FalC
JV Interest”). As a result, RTEC currently owns or controls, in
the aggregate, 119,315,222 common shares representing a 19.9%
interest in SDC.
The acquisition was completed on March 26, 2024 pursuant to an
exit agreement (the “Agreement”) dated November 28, 2023,
between SDC and RTEC, whereby RTEC has sold all of its FalC JV
Interest to SDC in consideration for, amongst other things,
108,204,112 common shares of SDC at a deemed price of C$0.07 per
common share (the “Transaction”).
Prior to the Transaction, RTEC held 75% interest in the Fort à
la Corne joint venture and 11,111,110 common shares of SDC. Under
the terms of the Agreement, RTEC sold all of its FalC JV Interest
to SDC resulting in RTEC owning 19.9% of the issued and outstanding
common shares of SDC on a non-diluted basis.
RTEC disposed of the FalC JV Interest as a result of investment
considerations. Depending on market conditions and other factors,
RTEC may from time to time acquire and/or dispose of common shares
or other securities of SDC, directly or indirectly, whether in the
open market, by private placement issuance, by private negotiated
agreement or otherwise.
This news release is being issued as required by National
Instrument 62-103 - The Early Warning System and Related Take-Over
Bid and Insider Reporting Issues in connection with the filing of
an Early Warning Report dated March 26, 2024. The Early Warning
Report respecting this acquisition will be filed on SDC’s profile
on the System for Electronic Document Analysis and Retrieval
(“SEDAR+”).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240326939745/en/
Please direct all enquiries to
media.enquiries@riotinto.com
Media Relations, United Kingdom Matthew
Klar M +44 7796 630 637 David Outhwaite M +44
7787 597 493
Media Relations, Australia Matt Chambers
M +61 433 525 739 Jesse Riseborough M +61 436
653 412 Alyesha Anderson M +61 434 868 118
Michelle Lee M +61 458 609 322
Media Relations, Americas Simon Letendre M
+1 514 796 4973 Malika Cherry M +1 418 592 7293
Vanessa Damha M +1 514 715 2152
Investor Relations, United Kingdom Menno
Sanderse M +44 7825 195 178 David Ovington
M +44 7920 010 978 Laura Brooks M +44 7826 942
797
Investor Relations, Australia Tom Gallop M
+61 439 353 948 Amar Jambaa M +61 472 865 948
Rio Tinto plc 6 St James’s Square London SW1Y 4AD United
Kingdom T +44 20 7781 2000 Registered in England No.
719885
Rio Tinto Limited Level 43, 120 Collins Street Melbourne
3000 Australia T +61 3 9283 3333 Registered in Australia ABN
96 004 458 404
riotinto.com
Rio Tinto (NYSE:RIO)
Historical Stock Chart
From Sep 2024 to Oct 2024
Rio Tinto (NYSE:RIO)
Historical Stock Chart
From Oct 2023 to Oct 2024