AuTECO Minerals has finalised its acquisition of Rambler Metals and Mining Canada Ltd and 1948565 Ontario Inc, collectively known as the Rambler Group.
Green Bay snared
With this acquisition, AuTECO now holds a 100% interest in the Green Bay Copper-Gold Project, on the Baie Verte peninsula of north-east Newfoundland, Canada.
The completion of this transaction marks a significant milestone for the company and opens up new opportunities for resource exploration and development.
Newly appointed managing director Steve Parsons said: “The completion of the acquisition means we can now implement our strategy to grow the Green Bay resource.
“We believe there is huge scope to create value for AuTECO shareholders by applying our skills and experience in brownfields exploration to what is an under-explored system.”
AuTECO has already deployed its management personnel to the Green Bay Copper-Gold Project and is gearing up for an ambitious exploration campaign that includes an extensive 40,000-metre underground drilling program and the development of a 700-metre exploration drive.
These initiatives are expected to commence shortly, and AuTECO will provide further updates to the market in due course.
Key management appointments
Following the successful acquisition, AuTECO has made two new executive appointments.
Steve Parsons assumes the role of managing director today, while Michael Naylor takes on the position of executive director.
Both bring a wealth of experience and a proven track record of creating shareholder value.
Parsons, a geologist with over two decades of experience in the mining industry, is renowned for his mineral discoveries, corporate growth and international investor relations.
He was the founder and previous managing director of ASX200 companies Bellevue Gold Ltd (ASX:BGL) and Gryphon Minerals Ltd.
Naylor, with 27 years of experience in corporate advisory and public company management, has been involved in the financial management of mineral and resources-focused public companies.
He was a founder and previous executive director of Bellevue Gold Ltd and a previous executive director of Cygnus Metals Ltd.
Both Parsons and Naylor will receive total fixed remuneration of $199,800 per annum, aligning with the company's strategy of conserving cash reserves while offering long-term equity incentives tied to project-specific milestones.
Capital raising and share purchase plan
AuTECO recently secured a substantial capital injection through a fully underwritten two-tranche share placement worth A$55 million.
Additionally, the company accepted oversubscriptions under its share purchase plan (SPP), raising a total of $5 million. Shares for the SPP are expected to be issued on Monday.
These successful fundraising initiatives provide AuTECO with the financial resources necessary to support its aggressive exploration program and development plans for the Green Bay Copper-Gold Project.
The company now believes it is well-positioned to unlock the potential of this under-explored resource and deliver increased value to its shareholders.