Uranio plans merger with Manhattan
miningweekly.com
By: Esmarie Swanepoel
3rd June 2009
Updated 1 hour 53 minutes ago
JOHANNESBURG (miningweekly.com) – ASX-listed Uranio has proposed a merger with privately-owned explorer Manhattan Resources, to create a company with an uranium resource of about 10,9-million ounces.
Under the transaction, Uranio would acquire the issued capital of Manhattan by issuing 44,2-million new shares to the 19 Manhattan shareholders.
Uranio stated on Wednesday that the merger would create a well-funded company. In addition to the 10,9-million ounces resource, the merged entity would have identified exploration upside of between 6,6-million pounds and 15,4-million pounds, and an experienced management team.
Following the completion of the transaction, Uranio would change its name to Manhattan Corporation, and Manhattan MD Alan Eggers would join the board as executive chairperson in a full-time capacity.
The merger agreement was subject to a number of conditions, including the completion of a due diligence by Uranio, as well as shareholder approval. |
