TORONTO - International Minerals Corp. (
TSX:T.IMZ,
Stock Forum) was up about 10 per cent Wednesday morning, following a friendly takeover offer from Hochschild Mining (
OTO:HCHDF,
Stock Forum), its partner in two Peruvian mining projects.
Hochschild is offering about C$2.65 in cash and one share of a new Canadian public company for each share of IMZ.
International Minerals shares were up 28 cents at $2.87 on the TSX in late morning trade Wednesday.
The deal was announced after markets closed Tuesday.
IMZ sold an interest in an Ecuador mining property to a Hong Kong-based buyer earlier this year for $28 million spread over the next two years.