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Rigel Resource Acquisition Corp (OTCQX: RRACF) announced that the SEC declared effective its Registration Statement for the proposed business combination with Aurous, a gold mining company. The Extraordinary General Meeting is scheduled for February 4, 2025, with shareholders of record as of January 10, 2025 eligible to vote.
The company has secured $27.5 million in PIPE financing, targeting $50 million total. The combined entity will be named Aurous Resources and plans to list on Nasdaq. Aurous reported strong H1 FY2025 performance with revenue of ~$23 million (5% YoY increase) and operating profit of $2.1 million (59% YoY increase). The company sold 10,888 oz of gold with 93,513 tonnes milled at 3.64 g/t recovery grade.
Three independent non-executive directors will join post-merger: Hennie van Greuning, Christine Coignard, and Stephen Hayes, bringing extensive financial, mining, and international business expertise.
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