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Primero Mining Corp to Acquire Cerro Resources NL


Thursday, 13 Dec 2012 08:02am EST 

Primero Mining Corp announced that it has entered into a definitive agreement with Cerro Resources NL whereby Primero will acquire all of the issued and outstanding common shares of Cerro by way of a scheme of arrangement under the Australian Corporations Act 2001. Under the terms of the Arrangement, each Cerro shareholder will receive 0.023 of a Primero common share ( for each Cerro common share held. Additionally Cerro shareholders will receive 80.01% of the common shares of a newly incorporated company (Spinco). Spinco will assume Cerro's interests in the Namiquipa, Espiritu Santo, Mt Philp and Kalman projects, shares in Syndicated Metals Limited and approximately $4 million in cash. Primero will purchase a 19.99% interest in Spinco with anti-dilution rights for two years. Primero will also be entitled to appoint a director to the Spinco board of directors. 

Company Quote

8.01
-0.17 -2.08%
24 Jul 2014