Era Resources Inc. (TSX-V: ERX) completed its previously announced going-private transaction with Sentient Group.
The arrangement involved, among other things, (i) a share consolidation on the basis of 10,290,619 pre-consolidation common shares to one (1) post-consolidation common share and (ii) the surrender and cancellation of all options to acquire common shares and the cancellation of the company’s stock option plan.
Following the completion of the arrangement, Sentient Executive GP IV, Limited, for the general partner of Sentient Global Resources Fund IV, L.P holds all of the issued and outstanding post-consolidation common shares.
The transaction valued Era Resources at approximately $31 million in equity value and $2.22 million to minority shareholders.
Era Resources Inc., formerly Marengo Mining Limited, is a Canadian-domiciled mineral resource company focused on the discovery, exploration and development of base metals globally. The company’s flagship project, the 100% owned Yandera copper project, is strategically located within the Bismarck Intrusive Complex of Papua New Guinea (PNG), host to world class ore bodies such as Grassberg, Ok Tedi, Porgera, Hidden Valley, Wafi/Golpu, and Frieda River.
photo credit: Era Resources