Pantages Capital Acquisition Corporation announced a business combination with MacMines Austasia Pty Ltd.
Upon closing, shares of the combined company are expected to trade on the Nasdaq.
The transaction values Target at USD$180 million.
Transaction Details
MacMines will receive ordinary shares of Horizon Mining and Target, and Pantages will become wholly-owned subsidiaries of Horizon Mining.
Approval
The transaction has been unanimously approved by the Boards of Directors of Pantages and MacMines.
Transaction Advisors
Legal counsel to Pantages: Pillsbury Winthrop Shaw Pittman, Robinson+Cole, and McCullough Robertson; Legal counsel to MacMines: Winston & Strawn LLP, Harney Westwood & Riegels, and Clayton Utz; Financial advisor to MacMines: FocalPoint Asia.
- The completion of the transaction will result in the combined company being listed on the Nasdaq.
- Existing Pantages shareholders and management will not receive cash proceeds from the transaction.
The business combination agreement marks a significant milestone for both Pantages and MacMines, positioning them for future growth and opportunities in the mining sector.