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AIC Mines Acquires Mt Cuthbert Copper Project for AU$120 Million, Shares Up 8%

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AIC Mines (ASX:A1M) entered into binding agreements to acquire Materra Metals, owner of the Mt Cuthbert Copper Project in Queensland, for AU$120 million, from Dragon Field International and other Materra shareholders, according to a Wednesday Australian bourse filing.

The deal comprises AU$100 million in new AIC Mines ordinary shares and AU$20 million in cash, the filing showed.

The company said it has concurrently entered into a subscription agreement with existing major shareholder Hawke's Point Resource Finance and its affiliates to raise AU$70 million through new ordinary shares at AU$0.795 per share, the company's last closing price on Sept. 21, to fund the cash component of the deal and accelerate exploration, resource drilling and development studies at Mt Cuthbert.

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