Nevoro's acquisition of the issues and outstanding shares of Aurora Platinum Exploration has been finalised, it has been announced.

The transaction was completed through a court-approved plan of arrangement, which involved the cancelling of the Aurora common share and Aurora shareholders compensated with one Nevoro common share in exchange for each share of Aurora they held.

Given the respective numbers of Nevoro and Aurora common shares, the former's shareholders now own around 79 per cent of Nevoro and the latter the remaining 21 per cent.

According to William Schara, President and CEO of Nevoro, the acquisition is the first of three steps planned by the company as it aims to become a "significant development stage company".

"With Aurora, Nevoro has acquired the Stillwater Project with potential for nickel-copper-cobalt, chromium and Platinum Group Metals (PGM)," he commented.

"Our second transaction will be the purchase of Sheffield Resources and its Moonlight Copper Project. Finally, with the expected closing of our previously announced $10 million financing, Nevoro will have a solid cash position to add significant value to these two assets over the coming year."

The Stillwater Project is situated in North America's largest platinum group element mineral district.

It comprises 221 claims making up 4,578 acres.



Source:

Nevoro Acquires Aurora Platinum Exploration (10/06/08)
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