Australia  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

Metminco agrees to binding terms for merger with Andes Resources

Proactive Investors Friday, 17 May 2019
Metminco Limited (ASX:MNC) and Andes Resources Limited have agreed to binding terms for a merger, combining to form a Columbian gold exploer and developer with a dominant position in the Mid-Cauca gold belt. The merger brings together Metminco’s advanced Miraflores Gold Project as well as Chuscal, Tesorito and other surrounding prospects with Andes’ extensive tenement holding to create a company with multiple advanced exploration assets. Location of Andes’ exploration ground and Metminco’s ground   READ: Metminco in trading halt with capital raising and acquisition news pending Metminco chief executive chairman Kevin Wilson said: “This transaction is transformational for both Metminco and Andes providing Metminco with further exposure to a large exploration portfolio in the Mid-Cauca gold belt of Columbia. “The funds to be raised, together with the favourable restructure of our existing repayments to RMB ensures we can accelerate exploration activities on our merged projects.” Andes’ managing director Jason Stirbinskis added: “With the execution of the BIA, the merger of these two highly complimentary portfolios is a step closer. READ: Metminco enters final stage of exploration licence grant process for Chuscal Gold Project “The combination of the two entities creates a company with enhanced scale and an advanced exploration and development portfolio with considerable exploration upside. “We look forward to establishing Metminco as a leader in gold exploration in Columbia, chasing world-class gold deposits.” The merger and financing will provide Metminco with: One of the largest portfolios of gold-copper exploration assets in one of the world’s most richly endowed gold belts; Funds to conduct a maiden drilling program at Chuscal; Enhanced ability to advance the Quinchia Gold Project towards a development decision; An impressive and experienced shareholder base supporting Andes Resources; and Favourable restricting of the RMB Australia Holdings debt to a combination of equity and deferred residual debt repayments on project milestones. READ: Metminco raising $1 million ahead of proposed merger with Andes Resources In support of the proposed merger, Metminco has completed a strongly supported placement of convertible notes to raise $918,000 while Andes is in the process of completing its own working capital placement.
0
shares
ShareTweetSavePostSend
 

Recent related videos from verified sources

What Jim Cramer Likes About Raytheon's Merger With United Technologies [Video]What Jim Cramer Likes About Raytheon's Merger With United Technologies

It's merger Monday. Raytheon and Real Money Stock of the Day United Technologies announced that they have agreed to an all-stock merger over the weekend. The companies would combine to become..

Credit: The Street     Duration: 01:46Published

You Might Like


Other recent news in Business

Motor racing: Toyota one-two into the final five hours at LE MANS'Nation of terror' Iran behind Gulf oil TANKER ATTACKS, says Trump
SBS World News: LIVE STREAMMASCOT TOWERS remains vacant after cracks
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.