Shareholders of New Canamin Resources (VSE) approved the proposed merger with Princeton Mining (TSE) and, as a result, the company is now a wholly owned subsidiary of Princeton.
Under the plan of arrangement, each share of New Canamin is exchangable for 1.25 common shares of Princeton, plus one warrant exercisable at $1.05 in the first year and $1.15 in the second.
New Canamin’s primary asset is its Huckleberry copper deposit near Smithers, B.C.
Minable reserves stand at 91 million tonnes grading 0.517% copper and 0.014% molybdenite, plus 0.064 gram gold and 2.78 grams silver per tonne.
A mine development certificate has been applied for, and Princeton plans to develop the project in conjunction with Mitsubishi Materials.
Be the first to comment on "New Canamin approves merger"