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FINWIRES

Regis Resources to Acquire Vault Minerals in Merger of Equals

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-- Regis Resources (ASX:RRL) agreed to acquire Vault Minerals (ASX:VAU) in a merger of equals to create a major gold producer with a pro forma market capitalization of about AU$10.7 billion, according to a Tuesday joint filing with the Australian bourse.

Under the proposed deal, Vault shareholders will receive 0.6947 shares in Regis for each Vault share owned. Regis shareholders will own about 51% of the merged company and Vault shareholders the remaining 49%, per the filing.

The combined company will be listed in Australia and is expected to produce more than 700,000 ounces of gold per year through five operating assets across Western Australia.

Regis CEO Jim Beyer will be the CEO of the combined firm, with Anthony Rechichi as its chief financial officer and Michael Holmes as chief operating officer.

The merger partners said they see opportunity to realize more than AU$500 million of corporate tax benefits and reduce the combined firm's cost of capital.

The deal is subject to certain conditions, including court, regulatory, and Vault shareholder approvals, and carries a break fee of about AU$50.7 million.

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