Aurous Resources Gains SEC Approval for Merger with Rigel

Deal News | Jan 16, 2025 | EIN

Aurous Resources, a South African mining company, has secured approval from the US Securities and Exchange Commission (SEC) for its proposed merger with Rigel Resource Acquisition Group. With the SEC's declaration of the Registration Statement effective, Aurous is set to proceed with the merger, expected to reshape the company. CEO Richard Floyd expressed excitement over this development, noting progress in operations amidst high gold prices. The merger, post shareholder and customary approvals, will see Aurous listed on NASDAQ, enhancing its global profile. Aurous plans to secure additional financing and has reported significant revenue and profit growth amid these developments.

Sectors

Mining
Financial Services
Mergers and Acquisitions

Geography

South Africa – Aurous Resources is a South African mining group operating the Blyvoor gold mine.
United States – The SEC's approval is crucial, and the new entity will be listed on NASDAQ, a US exchange.

Industry

Mining – Aurous Resources operates in the mining industry, focusing on gold extraction at the Blyvoor mine.
Financial Services – The merger involves financial activities, including SEC approval and planned NASDAQ listing, and PIPE financing.
Mergers and Acquisitions – The article centers on the M&A activity between Aurous Resources and Rigel Resource Acquisition Group.

Financials

$27.5 million – Committed PIPE financing for the merger.
$50 million – Target fundraising goal for additional investor engagement.
$23 million – Revenue for Aurous in the first half of the 2025 financial year.
$2.1 million – Operating profit for the first half of the 2025 financial year with a 59% year-on-year increase.

Participants

Name	Role	Type	Description
Aurous Resources	Target	Company	A South African mining group operating the Blyvoor gold mine.
Rigel Resource Acquisition Group	Bidding Company	Company	The partner company involved in the merger with Aurous Resources.
US Securities and Exchange Commission	Regulatory Body	Government	The US regulatory body that gave approval for the merger.
Richard Floyd	CEO	Person	CEO of Aurous Resources who is optimistic about the merger.
Hennie van Greuning	Independent Non-Executive Director	Person	One of the appointed directors post-merger to strengthen governance.
Christine Coignard	Independent Non-Executive Director	Person	Appointed director for strategic governance post-merger.
Stephen Hayes	Independent Non-Executive Director	Person	Adds strategic perspective as a director post-merger.