Directors of Laurasia Resources (TSE) and Kalrock Resources (ASE) have approved in principle an amalgamation plan for the two companies on a share-for-share basis.
The agreement is subject to shareholder and regulatory approval; shareholders will vote March 26.
The deal would see Laurasia control about 30% of the shares of the new company, and Kalrock about 14%.
Meanwhile, Laurasia says a wholly owned subsidiary has reached agreement in principle with a Portuguese mining company on a deal to allow the subsidiary to earn up to a 50% interest in a base and precious metal property in Portugal.
To earn the interest, Laurasia must spend $14 million and issue 12 million shares of the subsidiary company during a 3-year period, complete a feasibility study and provide 100% of preproduction financing (such costs to be recouped out of project profits).
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