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Minco plc Announces Acquisition Of Buchans Minerals Corp

Tuesday, 30 Apr 2013 08:30am EDT 

Minco plc announced that it has entered into a binding arrangement agreement (the Agreement) to complete a business combination (the Acquisition) with Buchans Minerals Corporation (Buchans). Completion of the Acquisition will create a premier base metals exploration and development company with advanced projects in established mining jurisdictions in eastern Canada, together with Minco's existing exploration projects in Ireland and the UK. Pursuant to the terms of the Agreement, Minco will acquire all of the outstanding common shares of Buchans that it does not already own in exchange for shares of Minco by way of a statutory scheme of arrangement on the basis of 0.826 of a Minco share for each share of Buchans (the "Exchange Ratio"). The Exchange Ratio implies an offer price of $0.053 per Buchans common share, based on the sixty day volume weighted average share prices for Buchans and Minco for the period ending April 26th 2013. Under the Arrangement, Minco will issue approximately 124,642,198 new Minco shares in exchange for Buchans shares. Upon completion of the Arrangement current Minco shareholders will hold 73.7% of the outstanding Minco shares and Buchans shareholders will hold 26.3% of the outstanding Minco shares. 

Company Quote

-0.075 -4.84%
6:11am EST