Sierra Rutile Holdings Limited (AU:SRX) has released an update.
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Leonoil Company Limited has successfully acquired over 90% of Sierra Rutile Holdings Limited and is now moving forward with the compulsory acquisition of the remaining shares. Sierra Rutile shareholders will be compensated at the same rate as the off-market takeover bid, and the process is expected to be finalized within 5 to 6 weeks following the statutory procedure. Following the acquisition, Sierra Rutile shares will be suspended from trading and subsequently removed from the ASX official list.
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