ONEXIM Announces Combination of Intergeo MMC with Mercator Minerals
OREANDA-NEWS. Intergeo MMC Ltd. (“Intergeo”) and Mercator Minerals Ltd. (TSX: ML) (“Mercator Minerals”) have reached an agreement to effect a business combination, forming a new independent copper-focused base metals producer.
The combined assets include an attractive portfolio of producing and short and medium-term development properties. These include Intergeo's Ak-Sug copper porphyry deposit in Russia and Mercator Minerals' Mineral Park Mine (a copper/molybdenum/silver mine) in the US and El Pilar copper project in Mexico.
Completion of the business combination is conditional upon the continued listing of the combined company's shares on the TSX and other customary conditions precedent. Following the proposed transaction, the combined company will be renamed Intergeo Mining Ltd. Intergeo's shareholders will own approximately 85% and Mercator shareholders will own approximately 15% of the outstanding shares of the combined company.
Dmitry Razumov, the Chief Executive Officer of ONEXIM Group, stated: “We are very excited about the potential of Intergeo Mining. The combined company will be led by a team of professionals with unique experience in managing metals and mining companies internationally. It will also benefit from its access to public capital markets to develop its attractive projects, including bringing the Ak-Sug deposit to production.”
For further details, refer to the joint press release of Mercator and Intergeo issued on December 12, 2013.