Imperial agrees to buy Regional

Junior Imperial Metals (IPM-T) is offering either 0.8 of a share or $1 cash for all the outstanding shares of Regional Resources (RGL-T).

Regional’s main asset is an 82.15% interest in the Midway project, a zinc-lead-silver property in the Watson Lake district of northern British Columbia. The property hosts about 1.4 million tonnes grading 8.3% zinc, 5.8% lead and 317 grams silver per tonne.

Alberta Energy (AEC-T), with a 55.4% holding in Regional, has entered into a lock-up agreement with Imperial to vote in favor of the plan of arrangement and accept the cash offer.

Imperial will also buy the remaining 17.85% interest in the Midway project held by Alberta Energy for a cash payment of $400,000.