Consolidated Brinco (TSE) and Hillsborough Resources (TSE) have revised the terms of their proposed merger to give Brinco shareholders a larger share of the merged company.
The revised deal gives Brinco shareholders one share in the merged company for each 1.625 Brinco common shares held. Previously, the exchange ratio was one share in the new
company for each 1.5 Brinco shares.
Each Hillsborough shareholder will still receive one share in the merged company for each Hillsborough share.
The proposed merger,
subject to shareholder and director approval, is to double production at the Quinsam coal mine in British Columbia to one million tons annually. The merger is expected to close Jan. 31, 1992.
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