Minco Acquires Buchans Minerals Corporation

Minco Plc (AIM:MIO) and Buchans Minerals Corporation (TSXV: BMC) announced that they have entered into an agreement where Minco will acquire Buchans.

As quoted in the press release:

Pursuant to the terms of the Agreement, Minco will acquire all of the outstanding common shares of Buchans Minerals that it does not already own in exchange for ordinary common shares of Minco by way of a statutory plan of arrangement on the basis of 0.826 of a Minco Share for each Buchans Shares.

Buchans’ President and CEO, Warren MacLeod, said:

The merger with Minco represents an excellent value opportunity for the shareholders of both companies. We believe that consolidating the ownership of the Lundberg base metal project in central Newfoundland and the Woodstock manganese project in New Brunswick is a major step towards achieving our strategy of creating a strong intermediate base metal company with an attractive growth profile focused on enhancing shareholder value.

To view the whole press release, click here.