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Marimaca Copper Corp T.MARI

Alternate Symbol(s):  MARIF

Marimaca Copper Corp. is a Canada-based exploration and development company focused on base metal projects in Chile. The Company’s principal asset is the Marimaca Copper Project, located in the Antofagasta Region of northern Chile. The Marimaca Copper Project is situated at a low altitude in Chile’s Coastal Copper Belt, 25 kilometers (km) east of the port of Mejillones and 45 km north of Antofagasta, Marimaca has access to water and power, road and rail networks supplying sulphuric acid and other consumables, as well as deepwater ports. The Marimaca Copper Project comprises a set of concessions (the 1-23 Claims), properties 100% owned and optioned by the Company, combined with the adjacent La Atomica and Atahualpa claims, over which Marimaca Copper has the right to explore and exploit resources. The Company also has an option agreement to acquire the Pampa Medina project (Pampa Medina), which consists of four mining concessions totaling 144 hectares.


TSX:MARI - Post by User

Bullboard Posts
Post by Oregonduckon Feb 27, 2018 8:40pm
133 Views
Post# 27633096

Strategic Review

Strategic Review
Code name for selling the whole company. Coro Mining has tapped its last financing from Greenstone with the USD$5.0 million loan plus the USD$3.0 million it received recently. There is no more money coming and the Company cannot qualify for any funding from other sources as it is just a penny stock...Under the new TSX take-over bid regime, an offeror must comply with the Minimum Tender Requirement. There will be a minimum tender condition, which is typically set at 66% ownership by the offeror in order for the offeror to be certain that it will acquire sufficient shares to effect a second-stage, going private transaction. Greenstone has close to 64% ownership and could easily pick up the rest to enable it to accept any equitable takeover bid. No shareholder vote is required, although shareholders have the right to dissent and be paid the fair value of their shares, or as the courts said a reasonable premium over the market price...Greenstone owns about 53% of Excelsior Mining (TSX: MIN) and could offer to effect a merge with Coro Mining at 1 new treasury share for 10 Coro shares. CORO has about 650 million shares out, and MIN will issue 65 million new shares to CORO shareholders. Since MIN is trading at around $1.25, CORO will be value at $0.125 in that transaction. MIN has about 206 million shares outstanding, issuing 65 million new shares would not require their shareholders approval since they come to only 31.5% (except if they issue 50% or more shares). Greenstone will get to consolidate its positions in the two companies and raise its ownership in MIN to about 64%. There is a lot of synergy with both companies - just look at Lundin, First Quantum and Teck with their far flung properties. Coro will get Min, a more stable Cu co.
Bullboard Posts