Australian junior phosphate miner Verdant Minerals Ltd. (VRM), Stuart Park, Northern Territory, said on April 15 that PricewaterhouseCoopers Securities Ltd., which it engaged for an independent assessment of CD Capital Natural Resources Fund III LP’s plan to acquire 67 percent of VRM, has adjudged the plan fair and reasonable and in the best interest of VRM shareholders.
Shareholders are to vote on the deal on May 29, with it slated to be implemented on June 18. The deal is valued at A$40.5 million. Long-time shareholder Washington H. Soul Pattison & Co. Ltd. will retain a minority 33 percent stake. VRM’s portfolio includes projects in the Northern Territory, including the Ammaroo Phosphate Project, a sulfate of potash project, and the Dingo Hill Silica Project.