13th Sep 2013 07:59
LONDON (Alliance News) - Mining firm Tri-Star Resources PLC Friday said its proposed acquisition of Portage Minerals Inc. has been approved at a meeting of Portage shareholders Thursday.
Portage Minerals Inc. was incorporated in 2006 as a junior mining exploration-and-development company engaged in the acquisition, exploration and development of mineral prospects in Canada and the US.
The acquisition was conditional, among other things, on approval by a two thirds majority of Portage shareholders.
Tri-Star said up to 1.1 billion new Tri-Star shares will be issued Portage shareholders following the acquisition. It said it also would issue 34 million shares to pay creditors of Portage, making the total value of the acquisition at Tri-Star's share price Friday of GBP407.7 million.
Tri-Star shares were trading at 0.364 pence Friday morning, up 0.029 pence, or 8.8%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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