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