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LONDON - Great Southern Copper plc (LSE:GSCU) announced Friday it will seek shareholder approval at its upcoming Annual General Meeting for its largest investor to exercise warrants without triggering a mandatory takeover offer.
Foreign Dimensions Pty LTD, which currently holds 46.72% of the company’s shares, has agreed to exercise 6,250,000 warrants at 2.4p per share despite the current share price being lower, demonstrating continued support for the Chile-focused explorer.
The company’s AGM will be held in London on September 30, where independent shareholders will vote on a Rule 9 Waiver that would allow Foreign Dimensions to exercise its warrants without being obligated to make a mandatory offer for the remaining shares under the City Code on Takeovers and Mergers.
Foreign Dimensions will retain a further 25,083,328 warrants exercisable at 2.4p per share following the initial exercise. If all warrants were eventually exercised, Foreign Dimensions’ stake could increase to 56.42%.
"The continued support of long-term shareholder Foreign Dimensions, who remain willing to exercise warrants at 2.4p in the context of a lower share price, is greatly appreciated," said Charles Bond, Chairman of Great Southern Copper in the press release.
The company stated the warrant exercise will provide funding for its exploration activities in Chile, including Phase III drilling at its Mostaza project.
The shares issued from the warrant exercise are expected to be admitted to trading on the London Stock Exchange on October 6.
Great Southern Copper is focused on copper-gold-silver exploration in Chile, with recent discoveries including high-grade copper-silver at Cerro Negro and porphyry gold mineralization at Viuda.
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