Santa Cruz, Newmex to exchange vows

The proposed amalgamation of Santa Cruz Gold (SCG-T) and Newmex Mining (MEX-T) has been given the green light by regulators and shareholders.

Santa Cruz shareholders will receive one share of the new company (which will retain the name Santa Cruz Gold) for each share held, whereas Newmex shareholders will receive 2.2 shares of the new company for each share held.

Following the merger, Santa Cruz will have 72 million shares outstanding, of which 31.4% will be held by former Newmex shareholders and 68.6% by former Santa Cruz shareholders.

Total annual production from the new company’s two Mexican mines — Newmex’s Lluvia de Oro and Santa Cruz’s Magistral — is expected to top 100,000 oz.

in 1999. Construction of the Magistral mine is expected to begin this year.

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