Three Vancouver-based juniors, Durham Resources (VSE), Edge Resources (VSE) and Golden Day Mining Exploration plan to amalgamate, subject to shareholder and regulatory approval. If acceptable to regulatory authorities, the amalgamated company will be called Gothic Resources.
Under the merger, Edge shareholders will receive one share of Gothic for every two shares of Edge, while Durham shareholders will receive one share of Gothic for every 1.33 Durham shares. Golden Day will then merge with a wholly owned subsidiary of Gothic and its shareholders will receive Gothic shares on a one-for-ten basis.
Noramco Mining (TSE), which has significant interests in all three merging companies, will be Gothic’s controlling shareholder. Gothic will have 8.84 million shares issued and outstanding, $2.2 million in working capital and a controlling interest in a portfolio of junior mining companies managed by Noramco.
Bruce McDonald and Brian Bayley will stand as Gothic’s chairman and president, respectively.
Be the first to comment on "Noramco juniors plan amalgamation"