Trading Symbol: TSXV: BMC
Shares Outstanding: 166,283,160
WINDSOR, NS, July 16, 2013 /CNW/ - Buchans Minerals Corporation (TSXV: BMC) ("Buchans Minerals") and Minco plc (AIM:MIO) ("Minco") are pleased to announce the closing of the previously announced plan
of arrangement (the "Arrangement"), the purpose of which was to effect the acquisition of Buchans
Minerals by Minco.
Pursuant to the Arrangement, Minco acquired, through its wholly-owned
subsidiary, 8501297 Canada Inc. ("MIO Sub"), all of the issued and outstanding common shares of Buchans Minerals
("Buchans Shares") that Minco did not already own and shareholders of Buchans Minerals
("Buchans Shareholders") received 0.826 of an ordinary share of Minco ("Minco Share") for each Buchans Share held.
An aggregate of 124,642,196 Minco Shares were issued under the
Arrangement in reliance on an exemption from the prospectus
requirements under securities legislation available for an arrangement
under statutory procedure.
Registered Buchans Shareholders are reminded that, in order to receive
Minco Shares for their Buchans Shares, they must complete and sign the
letter of transmittal and deliver it, together with certificates
representing their Buchans Shares and the other required documents, to
the depositary, Computershare Investor Services Inc. ("Computershare"), in accordance with the instructions specified in the letter of
transmittal and the management information circular of Buchans Minerals
dated May 29, 2013, copies of which are available on SEDAR at www.sedar.com.
Beneficial owners of Buchans Shares whose Buchans Shares are registered
in the name of a broker, investment dealer, bank, trust company,
depositary or other nominee should contact that nominee to determine
how the nominee will arrange to have the Buchans Shares delivered to
Computershare in exchange for Minco Shares under the Arrangement.
If the letter of transmittal and all required documents were not received by Computershare on or before 5:00 p.m. (EST) on July 11,
2013, the Minco Shares have been issued to the registered Shareholder
in registered physical certificate form in the name of the registered
Shareholder as it appeared on the register of Buchans Minerals as of
the effective date of the Arrangement. All such certificates will be
held in escrow by Computershare Trust Company of Canada as escrow
agent, to be released following receipt by Computershare of a duly
completed letter of transmittal and all other required documentation.
As a result of the Arrangement, trading of the Buchans Shares on the TSX
Venture Exchange (the "Exchange") was halted on July 16, 2013 and are expected to be delisted from the
Exchange at the close of trading on or about July 18, 2013.
The Minco Shares are listed on the Alternative Investment Market ("AIM") of the London Stock Exchange under the symbol "MIO" and the new Minco
Shares will be admitted to trading on July 17, 2013.
Trades on AIM cannot be settled through the usual Canadian settlement
system. Shareholders who desire to trade Minco Shares received pursuant
to the Arrangement in on-market transactions on AIM will need to
contact a broker or custodian in the United Kingdom or Ireland that is
a participant of CREST, which is the securities settlement system used
by companies traded on AIM. In order to effect trades outside of the
CREST system, a shareholder should contact their broker or must contact
Minco's transfer agent, Computershare Investor Services (Ireland)
About Minco plc
Minco is registered in the Republic of Ireland. Minco is an exploration
and development company currently engaged in zinc-lead exploration in
the United Kingdom, Ireland and in evaluating the Buchans Minerals base
metal and manganese project in eastern Canada. Minco also holds
investments in zinc-silver projects in Mexico through a holding of 30
million shares (approximately 29%) in Xtierra Inc. listed on the TSX
Venture Exchange (TSXV:XAG).
Buchans Minerals, which as of July 16, 2013 is a wholly-owned subsidiary
of Minco, has three main assets that include its 100% owned base metal
properties near Buchans in central Newfoundland, its 100% owned
manganese property located near Woodstock in New Brunswick and its 50%
owned gold and copper Long Range Property in central Newfoundland.
Neither the Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the Exchange) accepts responsibility for
the adequacy or accuracy of this release, and no securities regulatory
authority has either approved or disapproved of the contents of this
SOURCE: BUCHANS MINERALS CORP.
For further information:
John Kearney, Executive Chairman
Ph: (416) 362-6686
Suite 700-220 Bay Street
Buchans Minerals Corporation
Warren MacLeod, President
Ph: (902) 472-3520
Windsor, Nova Scotia