AMSTERDAM, Nov. 28, 2016 /CNW/ - Meridian Mining S.E. (TSX V: MNO) ("Meridian " or the "Company"), today announced the completion of its acquisition of Cancana Resources Corp. ("Cancana") and the listing of the common shares of Meridian on the TSX Venture Exchange. Trading in Meridian's common shares will commence at market opening on November 28, 2016 under the symbol "MNO".
Effective November 28, 2016 Meridian has completed the plan of arrangement (the "Arrangement") contemplated by the arrangement agreement dated September 30, 2016, between Cancana and the Company. Under the Arrangement 17,978,259 Meridian shares were issued to Cancana shareholders (at an exchange ratio of 0.40 Meridian common shares for one common share of Cancana). As a result, there are a total of 151,087,921 common shares outstanding, of which 133,109,662, or approximately 88%, are owned by Sentient Global Resources Fund IV, L.P.
Pursuant to the Arrangement, ownership of the Brasil Manganês Corporation Mineração S.A. ("BMC") has been consolidated into a single public entity. The BMC manganese project is located in Rondônia, northern Brazil. Meridian is employing a two-pronged strategy at BMC, where the primary objective is to advance a manganese exploration initiative in parallel with pilot production of high grade manganese, while also expanding a multi-commodity regional exploration program.
"Concluding the Arrangement streamlines the ownership of the BMC project and creates a simpler capital structure for the continuing public company," said Mr. Anthony Julien, President and CEO of Meridian. "Going forward, this better positions us to act on an array of pilot production and exploration initiatives for manganese, gold and tin in the prolific, but underexplored, region of Rondônia."
Material transaction documents relating to the Arrangement, including a technical report entitled "BMC Manganese, Gold, Tin Project, Rondônia, NW Brazil" are available at www.sedar.com.
The following are directors of Meridian Mining S.E.: Barry Bolitho (Chairman), Anthony Julien, Douglas Willock, Peter Weidmann, Stefano Haver, and Angelina Mehta. Mr Bolitho, Mr. Julien and Mr. Willock were all former directors of Cancana. Biographies of each Board member are available at www.meridianmining.co.
On behalf of the Board of Directors of
Meridian Mining S.E.
President, CEO and Director
Meridian Mining S.E. is focused on the acquisition, exploration, development and mining activities in Brazil. The Company is currently focused on exploring and developing the BMC manganese project and is employing a two-pronged strategy at BMC, where the primary objective is to advance a manganese exploration initiative in parallel with pilot production of high grade manganese, while also expanding a multi-commodity regional exploration program in Brazil.
Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the Company's plans for exploration and development of BMC's properties and potential mineralization. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such risk factors include, among others, failure to obtain regulatory approvals, failure to complete anticipated transactions, the timing and success of future exploration and development activities, exploration and development risks, title matters, inability to obtain any required third party consents, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices and one-time events. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed exploration and development of mineral projects will proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and (3) any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
The Company cautions that it has not completed any feasibility studies on any of BMC's mineral properties, and no mineral reserve estimate has been established. Because the Company production decision, related to BMC, is not based upon a feasibility study of mineral reserves, the economic and technical viability of the property has not been established.
The TSX Venture Exchange has in no way passed upon the merits of the proposed Arrangement and has neither approved nor disapproved the contents of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Meridian Mining S.E.
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For further information: Nick Hurst, 416-586-1942, email@example.com