11:15 AM EDT, 06/18/2024 (MT Newswires) -- Hennessy Capital Investment Corp. VI ( HCVI ) and Namib Minerals said Tuesday they have signed a definitive business combination agreement to create a combined public company with a pro forma enterprise value of $609 million.

Under the terms, Namib's current shareholders will convert 100% of their equity into the new combined entity and are anticipated to own roughly 71% of the new company, the companies said.

Namib is expected to generate net proceeds of about $91 million and additional funding of roughly $60 million from one or more financing deals with investors expected to be executed before the transaction closes, according to the companies.

The boards of directors of both firms have approved the proposed transaction, which is expected to be completed in Q4, the companies said. The combined company is expected to be named Namib Minerals and trade on the Nasdaq under the "NAMM" and "NAMMW" symbols.

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