27th Aug 2008 11:48
27 August, 2008
Minco Plc ("Minco")
Orca Minerals' Canadian Listing Transaction Closes
London, 27 August, 2008 - Minco plc (MIO), the London AIM quoted exploration and development company is pleased to announce that the transaction between Antamena Capital Corp. and Orca Minerals Limited ("Orca") was completed yesterday in Toronto, thereby satisfying the Liquidity Event as per the terms of the Minco/Orca financing agreement with the Pacific Road group of funds. As part of the transaction Antamena is changing its name to XTIERRA RESOURCES LIMITED ("Xtierra").
Orca will now become a wholly-owned subsidiary of Xtierra and Xtierra will become a subsidiary of Minco which holds 30,000,003 shares (60.1%) of Xtierra.
The new management team of Xtierra consists of John F. Kearney, Chairman, Terence N. McKillen, President and Chief Executive Officer, Danesh Varma, Chief Financial Officer and Neil J. F. Steenberg, Secretary. The Board of Directors will consist of John F. Kearney, Terence N. McKillen, Neil J. F. Steenberg, Lee Graber and Tim Gallagher.
Shares of Xtierra will commence trading on Tier 1 of the TSX Venture Exchange under the symbol XAG two business days following the issuance of the TSXV's formal listing bulletin.
Commenting on the transaction closing, John Kearney, Executive Chairman of Minco said: "The Canadian listing of Minco's Mexican assets through Xtierra Resources has enabled us to access North American financial markets to adequately fund the Mexican projects without further dilution to Minco shareholders. We look forward to reporting on Xtierra's successes as it achieves its goal of becoming a mid-tier production company based in the Central Mexican Silver Belt."
About Minco:
Minco PLC is an AIM quoted precious and base metals exploration and development company engaged in zinc exploration in Ireland in a joint venture with Xstrata Zinc and investments in zinc-silver projects in Mexico through a 60% shareholding in Xtierra Resources Ltd.
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For further information, www.minco.ie or contact: |
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John Kearney: Executive Chairman |
+1 416 362 6686 |
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Terence McKillen: Chief Executive |
+1 416 362 8243 |
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Danesh Varma: CFO & Company Secretary |
+44 (0) 207 6539880 / 2 |
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John Frain / Fergal Meegan: (NOMAD) Davy |
+353 (0)1 6796363 |
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Tom McCormack: (Ireland PR) ConneXions |
+353 (0)1 230 3015 |
This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.
Related Shares:
Minco PLC