Minco PLC: Application to Admit Shares on The Aim Market
July 12, 2013 (Source: Minco PLC) — Minco PLC (AIM – “MIO”) (the “Company” or “Minco”) announces that an application has been made to the London Stock Exchange for up to 124,642,198 new Ordinary Shares to be admitted on the AIM Market. The Ordinary Shares will be issued pursuant to the plan of arrangement (the “Arrangement”) involving the Company and Buchans Minerals Corporation (“Buchans”).
Dealing in the new Ordinary Shares is expected to commence on or about 17 July 2013.
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Completion of the Arrangement is scheduled for July 16, 2013 (“Effective Date“). Pursuant to the terms of the Arrangement, on the Effective Date, Minco will acquire all of the issued and outstanding common shares of Buchans that Minco does not already own on the basis of 0.826 of a Minco Share for each Buchans Share.
Minco Plc, registered in the Republic of Ireland and listed on the AIM Alternative Investment Market of the London Stock Exchange (“MIO”), is an exploration and development company currently engaged in zinc-lead exploration in the United Kingdom, Ireland and Canada and in evaluating manganese project in New Brunswick, Canada. Minco holds investments in zinc‐silver projects in Mexico through a holding of 30 million shares (approximately 29%) in Xtierra Inc. listed on the TSX Venture Exchange (TSX.V-“XAG”).
Minco holds 15.4 million shares (approximately 9.8%) in Buchans Minerals Corporation also listed on the TSX.V (“BMC”). Minco also holds a 2% NSR royalty on the Curraghinalt gold property in Northern Ireland, which is being explored by Dalradian Resources Inc. (TSX-“DNA”).
Minco currently holds approximately US$13 million in cash and is also evaluating a number of other investment opportunities in the minerals industry in North America and Europe.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>