Yankuang Energy receives FIRB approval
Published by Emilie Grant,
Editorial Assistant
World Fertilizer,
Highfield Resources Ltd has announced that Yankuang Energy Group Co., Ltd (Yankuang Energy) has received a statement of no objection from Australia’s Foreign Investment Review Board (FIRB) in relation to Yankuang Energy’s proposed subscription for up to US$376 million worth of ordinary shares in Highfield at A$0.50 per share (FIRB Approval).
Yankuang Energy’s subscription forms an integral part of the ‘cornerstone placement’ and ‘Southey vend-in’ through which Highfield seeks to:
- Raise a total of US$220 million in equity capital from Yankuang Energy and other strategic investors.
- Acquire the Southey potash project in Saskatchewan, Canada from Yankuang Energy by way of the direct or indirect acquisition of 100% of the shares in Yancoal Canada Resources (a subsidiary of Yankuang Energy) (Yancoal Canada) for consideration valued at US$286 million (subject to certain completion adjustments).
Collectively, the transaction and the receipt of FIRB Approval satisfies a key condition precedent under the transaction documentation.
Ignacio Salazar, the CEO and Managing Director of Highfield, said: “This positive result from FIRB is another major step in getting the deal to completion. FIRB’s timely approval is the result of presenting a solid application. The company is making significant progress with regards to the other jurisdictional approvals for the transaction.”
Read the article online at: https://www.worldfertilizer.com/project-news/14012025/yankuang-energy-receives-firb-approval/
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