Intergeo MMC Ltd. (Intergeo, part of Onexim Group) and Mercator Minerals Ltd. (Mercator Minerals) have reached an agreement to effect a business combination, forming a new independent non-ferrous metal producer focused on copper, Onexim Group informed.
The combined assets will include both producing enterprises and properties intended for development on the short and medium-term horizon: Ak-Sug (a copper porphyry deposit in Russia), Mineral Park (a copper-molybdenum mining and processing complex) in the USA, and El Pilar (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 combined company's outstanding shares.
Intergeo is a diversified mineral resource company primarily focused on developing, exploring and acquiring base metal properties. Intergeo's key development project is the Ak-Sug copper porphyry deposit located in southern Siberia. The company also owns several other properties in southern Siberia including Kingash, a large nickel sulphide deposit.
Onexim Group is one of the largest private investment funds in Russia, focusing on investments in metals and mining, financial services, media, real estate, innovative power and nanotechnology projects.
AK&M "M&A Market"
"AK&M", 12.12.2013 12:14