Junior Canaco Mining Resources (CNK-M) plans to acquire an undisclosed number of properties in Newfoundland from a private company in exchange for 50 million shares.
The transaction will be put to a shareholder vote on June 12. If shareholders approve it, Canaco must then satisfy certain regulatory conditions, including a one-for-three share consolidation and the closing of a private placement of at least $600,000, before the deal goes through.
Completion of the transaction would leave Canaco with approximately 24.4 million shares outstanding, 68% of which would be held by the private firm.
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