Goldtex Resources, Canadian Mountain to merge

Talks between Canadian Mountain Minerals (CYM-A) and Goldtex Resources (GXR-A) have led to an agreement that will see the two companies merge.

The merger agreement has yet to be approved by shareholders of the two companies, or by regulatory bodies. In addition, the boards of both companies are awaiting a fairness opinion from outside consultants and a final approval from the independent directors of the companies.

If the merger goes through, the new company will be named Cantex Mine Development and will retain one listing on the Alberta Stock Exchange. The board and officers of Canadian Mountain will manage its operations.

Shareholders of Canadian Mountain will receive six shares of Cantex for each share of Canadian Mountain, and shareholders of Goldtex will trade share-for-share.

The two companies are currently in a joint venture exploring for gold and base metals in northern Yemen, and Canadian Mountain is a participant in a diamond project in western Greenland, managed by Dia Met Minerals (DMM-T).