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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 Apr 13, 2018 12:59pm
101 Views
Post# 27880324

M & A in Canada

M & A in Canada
"...Most Canadian public companies are listed for trading on the Toronto Stock Exchange(TSX), which has its own rules that govern listed companies. Among other things, in a share-for-share transaction in which share capital of the acquirer is proposed to be issued to target company shareholders as acquisition currency, it is necessary to consider whether buy-side shareholder approval is required (in addition to the sell-side shareholder approval customarily required to be obtained in M&A transactions). Under the TSX rules, listed issuers are required to obtain buy-side shareholder approval for public company acquisitions that would result in the issuance of more than 25 per cent of the outstanding shares of theacquirer on a non-diluted basis." (Source cited: The Merger and Acquitions Review, - Edition 11 published in October 2017)
COMMENTS

For discussion purposes, it is highly doable for Excelsior Mining (MIN) with a similar open-pit copper mine in Arizona, to make a merger proposal to CORO. Like major miners First Quantum, Teck and Lundin Mining, Excelsior would be transformed into a md-size copper company with international assets.

Greenstone currently owns 48.9 percent of MIN, and buy-side shareholders' approval is certain. In addition, Greenstone also holds 63.0 percent of CORO, and with support from Management which holds another 5.0 percent, approval from sell-side shareholders requiring 66 2/3 super-majority vote is also assured.

MIN has over $30.0 million in cash, and CORO can source those funds for its Chilean operations. CORO's current mkt. value is over $60.0 million, and the merger valuation of $84.5 million would be at a reasonable premium over CORO's mkt. value on 1-for-10 exchange swap based on MIN's stock price of $1.30.

The above comments are speculative only and should be rendered as such.


 
Bullboard Posts