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Tulla currently holds a commanding 60.39% stake in THEMAC, amounting to 47,950,000 shares. The deal hinges on approvals from two-thirds of shareholders and a majority of minority shareholders at a special meeting slated for October 7, 2025. Key shareholders, controlling 18.64% of shares, have already locked in their support, paving the way for a potential closing in mid-to-late October 2025.
The Board has given its unanimous nod to the arrangement, backing the recommendations of a special committee and an independent valuation by Evans & Evans, Inc., who deemed the offer fair to minority shareholders.
THEMAC Resources Group (TSXV: MAC) ha firmato un accordo con Tulla Resources Group per un’operazione di delisting e ritorno al capitale privato. In base all’accordo, Tulla acquisirà tutte le azioni ordinarie in circolazione non già detenute al prezzo di $0.08 per azione, pari a un premio dell’11% rispetto al prezzo medio ponderato per volume a 20 giorni di $0.072.
Tulla detiene attualmente circa il 60,39% di THEMAC con 47.950.000 azioni. L’operazione richiede l’approvazione dei due terzi degli azionisti e della maggioranza degli azionisti di minoranza durante un’assemblea straordinaria fissata per il 7 ottobre 2025. Azionisti vincolati che detengono il 18,64% delle azioni si sono impegnati a votare a favore; la chiusura dell’operazione è prevista fra la metà e la fine di ottobre 2025.
Il Consiglio ha approvato all’unanimità l’operazione sulla base delle raccomandazioni di un comitato speciale e della valutazione indipendente di Evans & Evans, Inc., che ha ritenuto la proposta equa per gli azionisti di minoranza.
THEMAC Resources Group (TSXV: MAC) ha suscrito un acuerdo con Tulla Resources Group para una operación de privatización. Según el acuerdo, Tulla adquirirá todas las acciones ordinarias en circulación que aún no posee a $0.08 por acción, lo que supone una prima del 11% respecto al precio medio ponderado por volumen de 20 días de $0.072.
Tulla controla actualmente aproximadamente el 60.39% de THEMAC con 47.950.000 acciones. La transacción requiere la aprobación de dos tercios de los accionistas y la mayoría de los accionistas minoritarios en una junta extraordinaria programada para el 7 de octubre de 2025. Los accionistas bloqueados que poseen el 18.64% de las acciones han acordado votar a favor; se espera que la operación se cierre a mediados o finales de octubre de 2025.
La Junta aprobó por unanimidad el acuerdo basándose en las recomendaciones de un comité especial y en la valoración independiente de Evans & Evans, Inc., que consideró la oferta justa para los accionistas minoritarios.
THEMAC Resources Group (TSXV: MAC)는 Tulla Resources Group와 비상장(going-private) 거래에 관한 합의 계약을 체결했습니다. 계약에 따르면 Tulla는 아직 보유하지 않은 모든 보통주를 주당 $0.08에 취득할 예정이며, 이는 20일 거래량 가중 평균 가격 $0.072보다 11%의 프리미엄에 해당합니다.
Tulla는 현재 47,950,000주로 THEMAC의 약 60.39%를 보유하고 있습니다. 이 거래는 주주 총회에서 3분의 2 이상과 소수주주 과반수의 승인을 필요로 하며, 특별 총회는 2025년 10월 7일로 예정되어 있습니다. 18.64%를 보유한 제한주주(Locked-Up Shareholders)들은 찬성 표를 약속했으며, 거래는 2025년 10월 중순에서 말 사이에 마무리될 것으로 예상됩니다.
이사회는 특별위원회의 권고와 Evans & Evans, Inc.의 독립 평가를 근거로 만장일치로 합의를 승인했으며, 해당 평가는 소수주주에게 공정하다고 판단했습니다.
THEMAC Resources Group (TSXV: MAC) a conclu un accord avec Tulla Resources Group en vue d’une opération de retrait de la cote (going-private). Conformément à l’accord, Tulla acquerra toutes les actions ordinaires en circulation qu’elle ne détient pas encore au prix de 0,08 $ par action, soit une prime de 11 % par rapport au cours moyen pondéré par les volumes sur 20 jours de 0,072 $.
Tulla contrôle actuellement environ 60,39 % de THEMAC avec 47 950 000 actions. L’opération doit être approuvée par les deux tiers des actionnaires et par la majorité des actionnaires minoritaires lors d’une assemblée extraordinaire prévue le 7 octobre 2025. Des actionnaires verrouillés détenant 18,64 % des actions ont accepté de voter en faveur ; la clôture de l’opération est attendue à la mi-fin octobre 2025.
Le conseil d’administration a approuvé l’accord à l’unanimité, sur la base des recommandations d’un comité spécial et d’une évaluation indépendante réalisée par Evans & Evans, Inc., qui a jugé la contrepartie équitable pour les actionnaires minoritaires.
THEMAC Resources Group (TSXV: MAC) hat eine Vereinbarung mit Tulla Resources Group für eine Going-Private-Transaktion geschlossen. Im Rahmen der Vereinbarung wird Tulla alle noch nicht gehaltenen Stammaktien zum Preis von $0.08 pro Aktie übernehmen, was einem Aufschlag von 11% gegenüber dem 20-Tages-volumengewichteten Durchschnittspreis von $0.072 entspricht.
Tulla hält derzeit ungefähr 60,39% an THEMAC (47.950.000 Aktien). Die Transaktion bedarf der Zustimmung von zwei Dritteln der Aktionäre sowie der Mehrheit der Minderheitsaktionäre auf einer Sondersitzung am 7. Oktober 2025. Gesperrte Aktionäre mit einem Anteil von 18,64% haben zugestimmt, dafür zu stimmen; der Abschluss der Transaktion wird für Mitte bis Ende Oktober 2025 erwartet.
Der Vorstand hat die Vereinbarung einstimmig auf Basis der Empfehlungen eines Sonderausschusses und der unabhängigen Bewertung durch Evans & Evans, Inc. genehmigt, die die Gegenleistung als fair für Minderheitsaktionäre erachtete.
Positive
- 11% premium offered to current trading price
- Independent valuation confirms fair consideration for minority shareholders
- Strong shareholder support with 18.64% already committed through voting agreements
- Clear path to completion with expected closing in October 2025
Negative
- Shareholders will lose public market liquidity post-transaction
- Going private eliminates potential future upside for minority shareholders
- Limited negotiating power for minority shareholders with Tulla already controlling 60.39%
08/29/2025 – 07:26 PM
Vancouver, British Columbia – THEMAC Resources Group Limited (TSXV: MAC) announced today its definitive agreement with Tulla Resources Group Pty. Ltd. for a going-private transaction, as initially outlined in its July 31st release. The deal would see Tulla acquire all outstanding common shares of THEMAC not already under its control, structured as a statutory plan of arrangement under the Yukon Business Corporations Act (YBCA). THEMAC shareholders, excluding Tulla, stand to receive $0.08 in cash for each share. This offer represents approximately an 11% premium on THEMAC’s 20-day volume-weighted average trading price of $0.072 on the TSX Venture Exchange (TSXV).
Tulla, already the controlling shareholder, holds sway over 47,950,000 shares, accounting for roughly 60.39% of THEMAC’s total outstanding shares. Post-transaction, Tulla would become THEMAC’s sole shareholder, taking the company off the public markets and streamlining its operations.
Shareholder Vote on the Horizon
A special shareholder meeting to greenlight the proposed arrangement is scheduled for October 7, 2025. Securing approval requires the affirmative vote of at least two-thirds of votes cast by shareholders, in person or via proxy. Crucially, it also needs a simple majority of votes cast, excluding shares held by Tulla, Kevin Maloney, Andrew Maloney, Marley Holdings Pty Ltd., and any other party required to be excluded under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (MI 61-101).
The board of directors, notably with the abstention of Kevin and Andrew Maloney, has unanimously concluded that the arrangement is in THEMAC’s best interest and is fair to shareholders. This decision followed recommendations from an independent special committee, coupled with advice from legal and financial advisors.
In addition to Tulla’s existing shareholding, certain directors, officers, and significant shareholders—representing 14,804,130 common shares, or 18.64% of outstanding shares—have solidified their support through Voting and Support Agreements with Tulla. These locked-up shareholders have committed to voting in favor of the arrangement, subject to standard exceptions. It is noted that 90.78% of the locked-up shareholders are affiliated or associated with Tulla.
Shareholders retain the right to dissent, as provided in section 193 of the YBCA, with detailed information about this right to be included in the upcoming Information Circular.
Deal Specifics
The transaction will be implemented via an arrangement under the YBCA. The Arrangement Agreement incorporates customary provisions, including a non-solicitation clause, although the company can consider superior proposals under standard “fiduciary out” clauses, provided Tulla doesn’t match the competing offer. Details of the Arrangement Agreement are accessible on SEDAR+ under THEMAC’s profile. Shareholders are urged to examine these documents when they are released.
Closure of the transaction is contingent upon various factors, including approval from the Supreme Court of Yukon and the TSXV, alongside other customary closing conditions. If all conditions are met, the transaction is anticipated to close between mid and late October 2025. Upon completion, THEMAC’s shares will be delisted from the TSXV, and the company will pursue ceasing to be a reporting issuer in applicable Canadian provinces.
Fairness Opinion
The Special Committee’s recommendation to approve the Transaction was informed by several factors, including a valuation report and fairness opinion from independent valuator Evans & Evans, Inc. (“Evans & Evans”). Based on their valuation, Evans & Evans opined that as of July 29, 2025, the financial consideration payable under the Transaction is fair to the minority Shareholders.
A synopsis of the Valuation and Fairness Opinion, covering the factors weighed by the Special Committee and the Board, will be detailed in the Information Circular.
For additional details, visit www.themacresourcesgroup.com or review the Company’s filings on SEDAR+.
FAQ
What is the offer price for THEMAC Resources Group’s going-private transaction?
Tulla Resources Group is offering $0.08 per share for all outstanding common shares not already owned, representing an 11% premium to the 20-day volume-weighted average trading price.
When will THEMAC shareholders vote on the going-private transaction?
A special meeting of shareholders is scheduled for October 7, 2025 to consider and vote on the arrangement.
What approvals are required for THEMAC’s going-private transaction?
The transaction requires approval from two-thirds of all shareholders and a simple majority of minority shareholders, plus approvals from the Supreme Court of Yukon and TSX Venture Exchange.
How many shares of THEMAC does Tulla Resources currently own?
Tulla Resources currently controls 47,950,000 shares, representing approximately 60.39% of THEMAC’s outstanding shares.
What happens to THEMAC shares after the going-private transaction?
If the transaction completes, THEMAC shares will be delisted from the TSX Venture Exchange and the company will cease to be a reporting issuer in Canada.
