The article does not mention any victims or deceased individuals. : NY-listed Rigel in talks to merge with South African gold miner, Blyvooruitzicht

Death – Obituary – Accident and Crime News : Rigel Resource Acquisition Corp., a blank-check company listed on the New York Stock Exchange, is reportedly in discussions to merge with Blyvooruitzicht Gold Mining Co., a South African gold miner. The deal, if successful, could value Blyvooruitzicht at approximately $425 million. However, these details have not been made public yet, as the talks are still ongoing. The blank-check company, backed by Orion Resource Partners, a money manager with $8.5 billion in assets, has enlisted the services of Citigroup Inc. and Rand Merchant Bank to conduct a pre-sale and raise around $60 million in early 2024.

Blyvooruitzicht, Citigroup, and Rand Merchant Bank have declined to comment on the matter, while Rigel has not responded to email requests for comment. It is important to note that there is no guarantee that a deal will be successfully concluded, according to one of the sources.

Rigel had previously announced the signing of a non-binding letter of intent for a business combination with a company in the global metals sector, without disclosing the target. Special purpose acquisition companies (SPACs), also known as blank-check companies, have attracted attention from prominent miners like Robert Friedland, who established Ivanhoe Capital Acquisition Corp., and African Gold Acquisition Corp., which raised $360 million to target gold-mining assets.

However, SPACs may face challenges when it comes to mining assets due to the limited timeframe to deploy the raised funds. The process of securing, completing due diligence, and vetting a mine requires time. Rigel had previously requested a one-year extension to the time it had to “consummate an initial business combination” from August 9, according to a company notice.

Blyvooruitzicht, as stated on its website, currently produces 40,000 ounces of gold per year, and the mine has an expected lifespan of 22 years.

In conclusion, Rigel Resource Acquisition Corp. is in talks to merge with Blyvooruitzicht Gold Mining Co., with the potential deal valued at up to $425 million. However, the details remain private as discussions are ongoing. SPACs have shown interest in mining assets, although the limited timeframe for deployment poses challenges. Blyvooruitzicht currently produces 40,000 ounces of gold annually, with a mine life of 22 years.

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