Pantages and MacMines to Merge, Creating Horizon Mining with $180M Valuation and Nasdaq Listing

Pantages Capital Acquisition Corporation ("Pantages"), a publicly traded special purpose acquisition company (NASDAQ:PGAC), and MacMines Austasia Pty Ltd., a geological exploration and mining company ("MacMines"), today announced that they have entered into a definitive business combination agreement with newly formed entities HORIZON MINING LIMITED ("Horizon Mining"), HORIZON MERGER 1 LIMITED, and Horizon Mining SPV Pty Ltd ("Target"). Upon closing of the transaction, shares of the combined company are expected to trade on the Nasdaq Capital Market or the Nasdaq Global Market ("Nasdaq").

Transaction Details

The transaction values Target at USD$180 million. Upon completion, MacMines will receive ordinary share of Horizon Mining and Target and Pantages will become wholly-owned subsidiaries of Horizon Mining. Existing Pantages shareholders and management will not receive any cash proceeds as part of the transaction and Pantages public shareholders who do not redeem will roll over 100% of their Class A ordinary shares into shares in the combined company.

The transaction has been unanimously approved by the Boards of Directors of Pantages and MacMines and is subject to the satisfaction of customary closing conditions, including the approval of the shareholders of each of Pantages and MacMines and the listing of the shares of the combined company on Nasdaq, which is subject to stock exchange approval.