Shareholders of Redaurum (RRK-T) will meet to consider a business combination with Remick Investments, a subsidiary of Centenary Investments.
Remick’s key assets include: $10 million cash from a recent private placement; the Red River project in South Africa, which contains titanium, vanadium, apatite and garnets; Gravelotte Mines of South Africa, a gold mining operation; GD Resources, a secondary producer of precious metals in Nevada; Triangle Minerals, which has exploration properties in Nevada; and the Dhipindo property, a gold exploration property in Angola.
Based on a favorable fairness opinion from IBK Capital, Redaurum’s board is recommending shareholdes vote in favor of the proposed business combination. If approved, shareholders would then be asked to consider plans to consolidate Redaurum’s shares on a 1-for-40 basis.
Assuming these motions are approved by shareholders and regulators, current holders of Redaurum shares would hold 5.71% of the combined entity.
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