NEW YORK Minco Plcs acquisition of Buchans Minerals Corp. has been approved by the Supreme Court of Nova Scotia, the companies said July 2.
As a result, Ireland-based Minco on July 16 will acquire all of the issued and outstanding common shares of Buchans Minerals that it doesnt already own in exchange for 0.826 of a Minco share per Buchans share, the companies said. Once the deal closes, Buchans will become a wholly owned unit of Minco.
The companies are joint-venture partners on the Plymouth manganese carbonate deposit in New Brunswick, Canada. The mine is now owned by Halifax, Nova Scotia-based Buchans through its wholly owned Canadian Manganese Co. Inc. subsidiary (amm.com, May 8).
Buchans and Minco entered into the merger agreement April 30, and it was approved by Buchans shareholders June 28.