LONDON (Alliance News) - Rambler Metals and Mining PLC, a Canadian copper and gold producer, explorer and developer, on Thursday said it has definitively agreed to acquire Canada-based mineral exploration company Thundermin Resources Inc.
The agreement means that Thundermin Resources will amalgamate with a wholly-owned subsidiary of Rambler. The two companies are equal partners on the Little Deer and Whalesback copper projects in Newfoundland, and Rambler Chief Executive Norman Williams said the deal means a review of the projects can begin in light of new potential processing, infrastructure and management synergies.
The owners of the 116.6 million shares in Thundermin will receive 7.1 million shares in Rambler to effect the change, and existing Rambler shareholders will own about 95.3% of the enlarged company. Thundermin shareholders will hold about 4.7% of the shares.
"The Rambler team is delighted to have signed this agreement with Thundermin as we continue to pursue our regional growth strategy in one of the safest jurisdictions in the world," CEO Williams said.
The merger was first disclosed to the market on September 3, when Rambler and Thundermin entered into a letter of intent outlining the terms of the proposed deal.
Shares in Rambler were down 6.4% at 3.51 pence on Thursday afternoon in London.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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