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Oban Mining Corp. (TSX:OBM) and NioGold Mining Corp. (TSXV:NOX) announced that they’ve successfully completed their previously announced business combination. Oban has now acquired all of NioGold’s shares by way of a plan of arrangement.
Oban Mining Corp. (TSX:OBM) and NioGold Mining Corp. (TSXV:NOX) announced that they’ve successfully completed their previously announced business combination. Oban has now acquired all of NioGold’s shares by way of a plan of arrangement.
As quoted in the press release:
Under the terms of the Arrangement, each former shareholder of NioGold received 0.4167 common shares of Oban (“Oban Shares“) in exchange for each common share of NioGold (“NioGold Shares“) held and holders of options and warrants to acquire NioGold Shares received replacement options and warrants, respectively, entitling the holder thereof to receive Oban Shares, based on the terms of such options and warrants of NioGold, as adjusted by the plan of arrangement.
John Burzynski, president and CEO of NioGold, commented:
We are very pleased to have concluded the transaction with NioGold, allowing Oban to advance its goal of becoming Canada’s next leading intermediate mining company. We would like to thank NioGold’s board of directors, management and shareholders for their hard work and support of this transaction.