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Revelo shareholders will end up with a 5.9% stake Austral and will be paid nearly C$1.2 million in cash.
Revelo's chairman, Michael Winn, and president, Timothy Beale, hold a combined 51.6% of the junior.
As well as its flagship Guanaco/Amancaya gold/silver operation in Chile, Austral also holds the Casposo mine in Argentina, a 26.46% interest in the Rawhide mine (Nevada, USA), and a portfolio of exploration projects including the Pinguino project in Santa Cruz, Argentina, and the San Guillermo and Reprado projects near Amancaya.
Guanaco/Amancaya is currently producing at a run rate of about 50,000-60,000 gold equivalent ounces, with quarterly operating cashflow in the June period of about US$8 million.聽
Austral had cash and cash equivalents at quarter end of $9.7 million, and had reduced its net debt to $3.2 million from $7.2 million at the end of March.
Shares in Austral were up 24% to A39c in morning trade, capitalisng the company at $218 million.
The stock started 2020 trading at around 9c.
