The proposed Transaction will be completed by way of a statutory plan of arrangement whereby Mercator will acquire all of the issued and outstanding shares of Stingray in consideration for the issue of Mercator shares on the basis of 0.25 Mercator share for each Stingray share. The Transaction would be subject to certain standard conditions including shareholder and court approval. Full details of the offer will be described in an Information Circular to be filed with the regulatory authorities and mailed to Stingray shareholders in accordance with applicable securities laws.
The Record Date has been set at
Mercator and Stingray believe the Transaction will provide significant benefits for shareholders of the combined companies that include:
- a substantial increase in shareholders' leverage to copper, - a robust copper development opportunity for shareholders subsequent to the completion of the Mineral Park Phase II expansion by the end of 2010, - drawing on the expertise of both companies and complimenting the existing management and board of directors with the additions of Peter Mordaunt and Joseph Keane from Stingray, and - operating and administrative efficiencies due to the regional proximity of the combined principal copper/molybdenum assets of Mineral Park in Arizona and El Pilar in Sonora.
About Stingray Copper Inc.
Stingray Copper Inc. is a TSX-listed copper development corporation with its activities focused at the El Pilar copper project located in Sonora,
About Mercator Minerals Ltd.
Mercator Minerals Ltd. is a TSX-listed mining company with an experienced management team that has brought the mill expansion at the Mineral Park Mine, one of the largest and most modern copper/moly mining-milling operations in
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. Information Concerning Mineralization and Resources
Unless otherwise indicated, all resource estimates contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System in compliance with Canadian securities laws, which differ from the requirements of
Forward Looking Information
This news release contains forward looking statements of Mercator and Stingray, being statements which are not historical facts, including, without limitation, statements regarding the proposed acquisition of Stingray by Mercator, the potential benefits thereof and discussions of future plans, projections and objectives. In addition, estimates of mineral reserves and resources may constitute forward looking statements to the extent they involve estimates of the mineralization that will be encountered if a property is developed. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from Mercator's or Stingray's expectation are in the documents filed by Mercator and Stingray, respectively, from time to time with the
For further information: For further information: Mercator Minerals Ltd., Marc S. LeBlanc, VP Corporate Development, Tel: (604) 981-9661, Fax: (604) 960-9661, [email protected], www.mercatorminerals.com; Stingray Copper Inc., Peter Mordaunt, Chairman and Chief Executive Officer, Tel: (416) 368-6240, Fax: (416) 368-7141, [email protected], www.stingraycopper.com
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