BlackGold enters SPA for $1 bil RTO of Mongolian mining group; to undertake $5 mil placement for transaction expenses
Atiqah Mokhtar • • 3 min read
The purchase price of $1 billion shall be adjusted based on an independent valuation of TEC Group and its assets.
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BlackGold Natural Resources has announced that it has entered into a sale and purchase agreement (SPA) with MGL Development for the proposed acquisition of the entire issued and paid-up share capital of Tengri Coal and Energy (TEC) for $1 bil via a reverse takeover (RTO).
The SPA follows a non-binding term sheet that was signed for the deal last month.
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