Laminco is halted, I assume this is the reason:
Three companies sign letter of intent for business combination
Laminco Resources Inc LMR
Shares issued 31,624,116 Aug 19 close $0.29
Thu 21 Aug 97 News Release
See Canmex Minerals Corporation (CMX) News Release
Mr Lukas Lundin reports
Laminco Resources, Ican Minerals and Canmex have signed a letter of intent
for a business combination of the three companies. The business combination
is subject to approval of their respective boards and shareholders,
appropriate regulatory approval, to the conclusion of final due diligence
of each of the companies, and to the execution of a formal agreement.
Under the proposed business combination, Laminco, Ican and Canmex will form
a new TSE listed company (Newco) with experienced management and a broad
asset base in Mexico and the US. It is proposed that the shareholders of
each of Laminco, Ican and Canmex would receive 0.4 of a Newco share for
each fully diluted common share held in the respective companies. The
proposed transaction also provides for an equity financing of $5 million in
order that Newco will have in excess of $10 million in working capital.
Upon completion of the business combination, Newco will have an extensive
portfolio of precious and base metals exploration, development and near
term production projects, substantial financial resources to accelerate
development of existing proven assets and the ability to seek growth
opportunities by acquisition. Combined near term annual production in
excess of 150,000 ounces of gold and 16 million pounds of copper cathode
are under development on existing projects.
The three companies intend to proceed expeditiously to complete the
transaction.
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