The proposed merger of Toronto- based Manridge Exploration (TSE) with Koala Resources (VSE) of Vancouver is expected to pave the way for exploration in the Eskay Creek region of British Columbia region. A letter of intent has been signed and Manridge is planning to consolidate its 10.4 million issued shares on a 1-for-5 basis. Pending regulatory and shareholder approval, Manridge also plans to acquire Koala’s 4.5 million shares on a 1-for-1 exchange basis.
Manridge President Hubert Mockler will remain as president and a director of the amalgamated company and he will be joined on the board by two Koala directors, Don Sheldon and Brian Murray.
If the merger is approved, the companies are planning a placement of one million shares to raise $400,000 for exploration in the Eskay Creek region where Koala affiliate Santa Marina Gold (VSE) is spending $500,000 to earn a minimum 50% stake in claims held by Manridge. The latter company has the right to back in for 40% of .N11
Be the first to comment on "Koala, Manridge planning merger"