An amalgamation has been approved by the boards of directors of Disc overy Mines, Midcon Oil & Gas and Yellowknife Bear Resources. The companies will form Discovery Corp.
Discovery shareholders will receive one share of the new company for each share held. Midcon holders will get nine shares of the new firm for each five shares held. Yellowknife Bear is wholly owned by Rayrock Yellowknife Resources which is affiliated with all three companies.
David Crombie, chief executive officer of all four companies, says the deal will reduce operating costs and will enable the new entity to pursue growth opportunites.
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