5th Nov 2014 10:46
LONDON (Alliance News) - Mariana Resources Ltd Wednesday said it is set to fully acquire Aegean Metals Group, which has gold-copper-silver projects in Turkey and Chile.
Mariana has signed a plan of arrangement with Aegean in regards to the purchase and expects the deal to be completed on January 16, 2015. A plan of arrangement is a multi-step transaction which may involve an amalgamation, an amendment to the corporation?s articles, a transfer of property, an exchange of securities, a compromise with creditors or any combination of the above.
Under the agreement, Mariana will issue 1.902 shares for each Aegean share and will acquire all the issued and outstanding shares in Aegean under these terms. Holders of outstanding options to acquire Aegean shares will be entitled to the same offer from Mariana, it said in a statement.
Once the deal has been completed, Mariana's current management will takeover the helm of Aegean. No statement has been made in regards to what will happen to the management currently at Aegean.
Mariana shares were untraded on Wednesday. The stock last traded at 1.78 pence.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Mariana Resources