IKN

More matter with less art

Hochschild (HOC.L) just spent $271m

On this:

SCOTTSDALE, AZ–(Marketwired – Oct 1, 2013) – International Minerals Corporation (TSXIMZ) (IMZ.SW) (the “Company” or “IMZ”) announces that it has entered into a binding arrangement agreement (the “Arrangement Agreement”) with Hochschild Mining plc. (“Hochschild”) pursuant to which Hochschild will acquire IMZ, primarily for IMZ’s 40% interest in the jointly-owned (Hochschild 60%) Peruvian assets: the Pallancata silver mine and the Inmaculada gold-silver development project.
Hochschild will acquire all of the issued and outstanding shares of IMZ (other than those that it already owns) by way of a court-approved Plan of Arrangement under the Business Corporations Act (Yukon).
Pursuant to the Arrangement Agreement, each IMZ shareholder (other than Hochschild in respect of the cash) will receive consideration comprising:
  • US$2.38 (approximately C$2.46) per common share in cash; and
  • One common share of a new Canadian public company (“SpinCo”) for each common share of IMZ.
The following non-Peruvian assets and liabilities of IMZ will be transferred to SpinCo at closing:
  • IMZ’s remaining cash and receivables (estimated at approximately US$58 million); and
  • IMZ’s non-Peruvian (primarily Nevada) subsidiaries and related liabilities.

Continues here

Leave a Reply

Your email address will not be published.

Hello, you are not in a chatroom, you are in my living room. Opposing views and criticisms welcome, insults or urinating on furniture unwelcome. Please refrain from swearing if possible, it is not needed.