AuStar Abandones Centennial Mining Acquisition

AuStar Gold (ASX:AUL) announced that it has officially withdrawn its bid to acquire Centennial Mining (ASX:CTL).

Highlights are as follows:

• The agreement to acquire all of the debt owed by Centennial Mining (subject to deed of company arrangement) and Maldon Resources Pty Limited (subject to deed of company arrangement) from Mining Lending Pty Limited will not be progressing.
• The company will not be proceeding with the deed of company arrangement (DOCA) for the acquisition of the Centennial or Maldon assets.
• The company is withdrawing all Offers under the Prospectus (dated 12 December 2019 and lodged with ASX on 13 December 2019) which sought to raise funds to meet the DOCA contribution and to satisfy the additional capital raising condition precedent under the DOCA.
• The company intends to issue a new prospectus to raise capital for the ongoing development of its existing tenement portfolio through exploration and mine development.

Click here to read the whole AuStar Gold (ASX:AUL) press release.