Minco, a mining company, announced the completion of its acquisition of Buchans Minerals. The acquisition was first announced last April 30.
A share exchange arrangement completed the acquisition. Minco acquired almost 151 million shares. Every Buchans share was replaced with 0.826 of a Minco share. The acquired shares were equivalent to 90.7% of all issued ordinary share capital in Buchans Minerals. Meanwhile, Minco issued about 124.6 million shares under the arrangement.
Through the acquisition of Buchans, Minco consolidated its ownership in the Lundberg Project and the Woodstock Manganese Project. These projects were Buchans Minerals' advanced exploration assets. The Lundberg Project was located in central Newfoundland. Meanwhile, the Woodstock Manganese Project was located in New Brunswick.
The acquisition was in line with Minco's strategy. In fact, it considered the acquisition a major step towards the achievement of this strategy, namely the creation of a strong base metal exploration and development company. This strategy included advanced projects in eastern Canada's established mining jurisdictions.
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