Troy to Take Over Gold Producer Azimuth
The Casposo mine produced 70,989 oz of gold and 937,208 oz of silver during Troy’s 2011-2012 financial year ending June 30, 2012. The Andorinhas mine pro-duced 48,632 oz of gold during the year. Azimuth’s West Omai project has an inferred gold resource of 1.65 million oz at an average grade of more than 3 g/mt gold, and the company expects its engineering studies of the project to reach the pre-fea-sibility stage by the end of 2013.
The Troy offer values Azimuth at A$188 million and has been unanimously recom-mended by the directors and the CEO of Azimuth. Following implementation of the offer, current Troy and Azimuth sharehold-ers will hold 55% and 45%, respectively, of the enlarged Troy. Troy will remain head-quartered in Perth, Western Australia and will maintain its primary listing on the Australian Stock Exchange and its second-ary listing on the Toronto Stock Exchange.
Troy has agreed to provide Azimuth with bridge funding of up to A$10 million through a convertible note facility, with the proceeds to be used by Azimuth to advance infill drilling and provide working capital to progress engineering and other studies.