ROAD TOWN, British Virgin Islands, Dec. 01, 2017 (GLOBE NEWSWIRE) -- Aura Minerals Inc. (“Aura Minerals” or the “Company”) (TSX:ORA) announced that it has agreed to sell Mineração Vale Verde Ltda, (“MVV”) which owns the Serrote da Laje Copper Gold project for an aggregate consideration of US$40 million.
Pursuant to a purchase and sale agreement with the purchaser group, who are being advised by Appian Capital Advisory LLP (“Appian”), Aura’s wholly owned subsidiary will sell 100% of its interest in MVV to the purchaser group.
The total consideration of US$40 million is made up of a cash payment of US$30 million payable on closing, as well the delivery by the purchasers of a subordinated unsecured note in the principal amount of US$10 million.
Rodrigo Barbosa, President and CEO of Aura Minerals commented “Serrote is a first-class project and the decision to sell our interests followed careful consideration of our options. The consideration received from the sale unlocks significant value to our shareholders and accelerates our strategy to further develop our existing assets and pursue new growth opportunities. The sale of Serrote to the purchasers is good for the city of Arapiraca and the State of Alagoas and we wish all stakeholders and the purchaser group advised by Appian continued success in the development and operation of Serrote.”
Michael Scherb, Founder and General Partner of Appian and Vincent Jacheet, Managing Partner of Appian, added “Following the detailed and professional work completed to date by Aura on the Serrote project, we look forward to working with the purchasers and local partners for the successful development of the project post-closing. We are excited to support the successful development of another project in Brazil after our previous successful experiences in the country.”
The transaction is targeted to close before the end of February 2018, subject to customary closing conditions.
BNP Paribas Securities Corp. is acting as financial advisor to Aura Minerals.
About Aura Minerals
Aura Minerals is a mid-tier gold and copper production company focused on the development and operation of gold and base metal projects in the Americas. The Company has producing assets in Brazil and Honduras and a copper mine in Mexico under care & maintenance.
About Appian Capital Advisory LLP
Appian Capital Advisory LLP is a leading investment advisor in the metals and mining industry, with worldwide experience across South America, North America and Africa and a track record of successfully supporting companies achieve their development targets.
About Serrote da Laje
Serrote da Laje is an advanced stage copper-gold development asset located in Brazil. The Serrote project is readily accessible from Maceio, the capital city of the State of Alagoas, via paved highways, located 160 kilometers from the Serrote project.
