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ACG Acquisition Corp. (ACG), a special purpose acquisition company, announced on Friday that it has extended the deadline for Class A ordinary shareholders to submit redemption requests in connection with its recent agreement to acquire Polimetal Madencilik Sanayi ve Ticaret. The deadline has been moved to August 13 from the original date of July 30, giving shareholders additional time to review the details of the transaction.
The decision to extend the deadline comes as ACG Acquisition seeks to ensure that shareholders have ample opportunity to thoroughly evaluate the terms of the deal. The acquisition involves the purchase of Polimetal, which operates the Gediktepe mine in Turkey. This mine is significant for its production of gold, silver, copper, and zinc. A critical component of the acquisition is the associated funding for a sulfide expansion project at the Gediktepe mine, aimed at enhancing its operational capacity and output.
By extending the redemption deadline, ACG Acquisition is providing shareholders with more time to assess the financial and strategic implications of the acquisition. The additional period will allow shareholders to consider the potential benefits of the sulfide expansion project and how it may impact the overall value of their investment.
The company emphasized that it remains committed to transparent communication with its shareholders throughout this process. ACG Acquisition stated that the new date for the redemption payment will be announced “in due course,” ensuring that all stakeholders are kept informed of the latest developments.
The acquisition of Polimetal is a strategic move for ACG Acquisition, aiming to capitalize on Turkey’s growing mining sector. The Gediktepe mine’s diverse mineral production capabilities position it as a valuable asset in the global mining industry. The planned sulfide expansion project is expected to further enhance the mine’s profitability and operational efficiency.