on Alta Copper Corp. (NASDAQ:ATCUF)
Alta Copper Responds to Fortescue Transaction Inquiries
Alta Copper Corp has addressed shareholder questions about a transaction with Fortescue Ltd. The deal involves Nascent Exploration Pty Ltd, Fortescue's subsidiary, acquiring Alta Copper's shares it does not own for C$1.40 each. This price marks a substantial premium over recent trading values, offering shareholders immediate liquidity and avoiding potential project dilution.
The board has supported the transaction, citing financial and operational advantages. Key shareholder and former management endorsements further solidify backing. Despite past challenges like stalled community agreements and regulatory hurdles in northern Peru, the transaction mitigates future risks for Alta Copper shareholders.
No alternative proposals have been received, and the purchase price aligns with an independent evaluation deeming it fair. If the transaction falls through, Alta Copper's share price may decline, impacting project funding and dilution risks.
R. H.
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