12:08 PM EDT, 03/11/2024 (MT Newswires) -- Rigel Resource Acquisition ( RRAC ) said Monday that it entered into a definitive business combination agreement that will lead to South African gold producer Aurous becoming publicly traded.

Expected to close in the second half of 2024, the deal values Aurous at a pre-money equity value of $362 million, Rigel said.

Aurous Resources, the expected name of the resulting company, will be listed on Nasdaq, according to Rigel.

The business will continue to be led by current Aurous Chief Executive Richard Floyd and Executive Chair Alan Smith.

Aurous comprises Blyvoor Gold Resources and Blyvoor Gold Operations and owns the Blyvoor gold mine and the Gauta tailings retreatment project, Rigel said.