Mining company Minco (LON:MIO) has completed the acquisition of Toronto-listed Buchans Minerals, first announced on April 30.
The acquisition was completed through a scheme of arrangement that saw Minco acquire almost 151mln Buchans shares, equivalent to 90.7% of the issued ordinary share capital of the target company, in exchange for Minco shares on the basis of 0.826 of a Minco share for every Buchans share.
Around 124.6mln Minco shares were issued under the scheme of arrangement.
The acquisition of Buchans consolidates Minco's ownership of Buchans Minerals' advanced exploration assets, namely the Lundberg Project in central Newfoundland and the Woodstock Manganese Project in New Brunswick.
The company said the acquisition is a major step towards achieving Minco's a strategy of creating a strong base metals exploration and development company with advanced projects in established mining jurisdictions in eastern Canada. Minco now has total ownership of the Lundberg base metal project and the Woodstock manganese project, in addition to Minco's existing exploration projects in the UK and Ireland.