Directors of Toronto-based Mineral Resources (MIC-T) and Melbourne-based Australian Gold Development (AGD) have proposed merging the two companies.
The proposal involves merging one Mineral Resources share for every 14 AGD shares and one Mineral Resources share for every 25 AGD options. If the plan is approved, AGD would become a subsidiary of Mineral Resources.
AGD’s chief asset is the past-producing Costerfield antimony-gold mine in Victoria, Australia.
The chairman of Mineral Resources is Clifford Frame, former chief executive officer of Curragh Resources.
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