Sign up USA
Proactive Investors - Run By Investors For Investors

Sunridge says Asmara buyer SRBM gets Chinese regulatory approval

Shares of Sunridge Gold rise after a Chinese regulator approves Sichuan Road & Bridge Mining Investment Development Corp's plans to buy the Canadian miner's 60% stake in Asmara Mining Share Company for $65mln cash
Sunridge says Asmara buyer SRBM gets Chinese regulatory approval
China gives the nod to gold deal

Shares of Sunridge Gold (CVE:SGC) rose on Tuesday after a Chinese regulator approved Sichuan Road & Bridge Mining Investment Development Corp's (SRBM) plans to buy the Canadian miner's 60% stake in Asmara Mining Share Company for $65mln cash.

Sichuan has the blessing of the Sichuan provincial government and the Sichuan State-Owned Asset Supervision and Administration Commission of the State Council for the deal. Asmara is the holder of the Asmara project in Eritrea.

Meanwhile, Sunridge has received final approval from the TSX Venture Exchange to sell its 60-per-cent interest in the Asmara project. This follows Sunridge shareholder approval received at the EGM meeting on Jan. 22.

But regulatory clearance is not exhausted, Sunridge said in a statement on Tuesday. The remaining conditions to closing the deal include receipt of the remaining final regulatory approvals within China, including but not limited National Development and Reform Commission, the Ministry of Commerce and the State Administration of Foreign Exchange, as well as receipt from the Ministry of Energy and Mines of the government of Eritrea of notice of its approval of the transaction.

Sunridge shares were up 1.8% at C$0.28.

View full SGC profile View Profile

Sunridge Gold Timeline

Newswire
May 05 2016

Related Articles

Tomingley gold open pit operation
March 26 2018
The Dubbo Project hosts zirconium, hafnium, niobium, tantalum, yttrium and rare earth elements.
manganese 25th element on periodic table
April 08 2018
The company is seeking shareholder approval to be renamed Element 25 Limited.
Gold pour
March 15 2018
Total gold equivalent ounces (GEOs) produced clocked in at 189,456, up 17% on the 161,289 GEOs produced in 2016...
Copyright © Proactiveinvestors.com, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use