Lamêlée Iron Ore Ltd. said June 1 that it received conditional approval from the Canadian Securities Exchange for a proposed reverse takeover of Aura Health Corp., in which it will subsequently exit the mining sector.
Under the deal, it will issue 35,078,722 shares at about 49.3 Canadian cents each to Aura Health shareholders, valuing the target at C$17.2 million. Aura Health will also undertake a placement of shares at C$1.00 each to raise up to C$5 million, concurrent with the transaction.
A proposed name change to Aura Health Inc. will be undertaken upon the transaction's closing, and the board will be reconstituted with Chris Carl, David Posner, Vernon Frazier, Paul McClory, Robert Schwartz and Jimmy Gravel. Carl will also assume the role of CEO, while Keith Li will be named CFO.
