Starmin, Ivanhoe deal closes

A previously announced arrangement involving Starmin Mining (TSE) and privately owned Ivanhoe Goldfields has closed.

The agreement took effect Aug. 11; Starmin shares are trading on a 3-for-1 consolidated basis under the new name of First Dynasty Mines (TSE). To facilitate the arrangement, Starmin sold its existing mineral assets to a newly incorporated company, Tequila Copper, in exchange for more than 10.4 million special warrants. These warrants will be distributed to shareholders of record for the date above.

Each warrant will allow the holder to acquire one share in Tequila Copper. The shares will be distributed upon clearance of the prospectus in Canada and upon registration of Form 20-F in the U.S. The company is taking necessary steps to qualify these securities for trading on the Toronto Stock Exchange by Jan. 20, 1995.