Canadian exploration company Aurion Resources has elected not to exercise its right of first refusal (RoFR) to acquire a 70% interest from joint venture (JV) partner B2Gold in their Finland venture.
In March, B2Gold informed Aurion of an offer from Rupert Resources to acquire its 70% interest in the JV. The venture owns exploration properties in the Central Lapland greenstone belt.
“After careful consideration, Aurion has chosen not to exercise its RoFR to acquire B2Gold’s 70% interest in the JV company. Aurion is keen to minimise shareholder dilution and continue as a partner in the JV company to unlock further value as the area is developing towards a new gold camp,” said CEO Matti Talikka.
Declining the RoFR clears the path for Rupert to buy B2Gold’s shareholding in the JV.
B2Gold previously said that the transaction was conditional upon execution of a definitive agreement and investor rights agreement, completion of mutual due diligence and applicable regulatory approvals.
The existing shareholders agreement governing the JV provides a framework that aligns interests of partners and enables value-accretive progress of the JV.