Aurous Resources operates the Blyvooruitzicht mine near Carletonville on Johannesburg’s West Rand, and owns the Gauta tailings retreatment development project. Picture: Supplied
Aurous Resources, the South African mining group that owns and operates the Blyvoor gold mine in Gauteng’s West Rand, today announced it has secured approval from the US Securities and Exchange Commission for its proposed business combination deal with Rigel Resource Acquisition Group.
The SEC’s declaration of effectiveness regarding the Registration Statement is vital for Aurous, allowing it to advance preparations for the merger that promises to reshape the company.
The SEC declared effective the Registration Statement for the proposed business combination on January 14th.
Aurous CEO, Richard Floyd, welcomed the news and said the business is excited to move to its next phase of growth.
“We have made steady progress in our ongoing efforts at improving our operational efficiency and unlocking significant value for our shareholders on the back of near record high gold prices,” Floyd said.
“With the conclusion of our business transaction with Rigel, and the addition of new board members and investors, we expect 2025 to be a highlight in Aurous' ongoing business journey."
As part of the merger plan, Rigel has scheduled a special meeting of its shareholders for February 4, where approval and adoption of the business combination will be the primary agenda.
The transaction is expected to close shortly after shareholder approval at the special meeting, subject to the meeting of other customary closing conditions.
Once the merger is finalised, the newly formed entity will retain the name Aurous Resources and is slated to be listed on the NASDAQ stock exchange. This move not only aims to expand Aurous’s investment portfolio but also enhance its profile on the global stage.
The company has effectively secured R519 million ($27.5 million) in committed and commercially agreed PIPE financing, with a target fundraising goal of R944m ($50m) pending further investor engagement.
Furthermore, the announcement in December regarding the appointment of three independent non-executive directors upon closing—Hennie van Greuning, Christine Coignard, and Stephen Hayes—adds a fresh strategic perspective and governance strength to the Aurous leadership team.
In a recent operating update for the first half of the 2025 financial year, Aurous reported a revenue generation of R434m ($23m), reflecting a 5% increase year-on-year, with operating profit surging to R39 million ($2.1m), marking a year-on-year increase of 59%.
BUSINESS REPORT