LONDON (Alliance News) - Ambrian PLC Tuesday said it has agreed a two day extension with Consolidated General Minerals AG to complete the merger of the two companies' Swiss subsidiaries.
In February, Ambrian agreed the merger of its Ambrian Metals subsidiary in Switzerland with the Swiss unit of Consolidated General Minerals and the subsequent acquisition of Consolidated General's shareholding in the merged entity by Ambrian.
Ambrian will pay for the deal with a token GBP1 in cash, plus 165 million in initial convertible securities and 29.1 million deferred convertible securities.
On Tuesday, Ambrian said it has agreed with Consolidated General Minerals to extend the deadline to complete the deal by two days to allow a variety of third parties time to fulfil outstanding conditions to allow the deal to go through.
Ambrian said it expects the deal to be completed by March 26.
Ambrian shares closed up 3.2% to 12.00 pence per share on Tuesday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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