1 Jul 2013 08:31
BUCHANS SHAREHOLDERS APPROVE ARRANGEMENT WITH MINCO
Dublin, July 1, 2013 Minco PLC (AIM - "MIO") (the "Company" or "Minco") is pleased to announce that at the annual and special meeting of Buchans Minerals Corporation ("Buchans") held on June 28, 2013, the shareholders Buchans approved the plan of arrangement (the "Arrangement") whereby Minco will acquire all of the shares of Buchans.
The effective date of the Arrangement ("Effective Date") will be July 16, 2013 subject to the approval of the Supreme Court of Nova Scotia.
Pursuant to the terms of the Arrangement, on the Effective Date, Minco will acquire all of the issued and outstanding common shares of Buchans ("Buchans Shares") that Minco does not already own in exchange for ordinary shares of Minco ("Minco Shares") on the basis of 0.826 of a Minco Share for each Buchans Share. The closing of the Arrangement is subject to the approval of the Supreme Court of Nova Scotia and the satisfaction or waiver of the other conditions to the Arrangement, including receipt of all necessary regulatory approvals.
The acquisition of Buchans will consolidate Minco's ownership of Buchans' advanced exploration assets, such as the Lundberg Project in central Newfoundland and the Woodstock Manganese Project in New Brunswick, and is a major step towards achieving Minco's a strategy of creating a strong base metals exploration and development company with advanced projects in established mining jurisdictions in eastern Canada. Completion of the acquisition of Buchans will result in Minco owning 100% of the Lundberg base metal project and the Woodstock manganese project, in addition to Minco's existing exploration projects in the UK and Ireland.
Minco will issue approximately 125 million shares of Buchans for the approximately 151 million common shares of Buchans currently outstanding. Minco shareholders will own approximately 73.7% of the combined company. Upon completion of the Acquisition, Minco plans to seek approval to co-list its shares on a North American stock exchange.
ABOUT MINCO
Minco PLC, registered in the Republic of Ireland and listed on the AIM Alternative Investment Market of the London Stock Exchange ("MIO"), is an exploration and development company currently engaged in zinc-lead exploration in the United Kingdom, Ireland and Canada and in evaluating manganese project in New Brunswick, Canada. Minco holds investments in zinc‐silver projects in Mexico through a holding of 30 million shares (approximately 29%) in Xtierra Inc. listed on the TSX Venture Exchange (TSX.V-"XAG").
Minco holds 15.4 million shares (approximately 9.8%) in Buchans Minerals Corporation also listed on the TSX.V ("BMC"). Minco also holds a 2% NSR royalty on the Curraghinalt gold property in Northern Ireland, which is being explored by Dalradian Resources Inc. (TSX-"DNA").
Minco currently holds approximately US$14 million in cash and is also evaluating a number of other investment opportunities in the minerals industry in North America and Europe.
For further information of Minco refer to Minco's website at www.minco.ie.
For further information, www.minco.ie or contact:
John Kearney: Chairman and Chief Executive +1 416 362 6686
Danesh Varma: CFO & Company Secretary +44 (0) 8452 606 034
Peter McParland: Director - Ireland +353 (0)46 907-3709
John Frain/Fergal Meegan: (NOMAD) Davy +353 (0)1 6796363
Chris Rourke/ Guy Wheatley: (Corporate Advisor| Broker)
Beaufort International, London +44 (0)20 7382 8387