A proposed amalgamation between Consolidated Madison Holdings (VSE) and Future Avenir (CDN) will create a new junior exploration company with a focus on Brazil.
Shareholders of Future Avenir will receive 1.1 common shares of the amalgamated company for each Class A or Class B share held, while each common share of Consolidated Madison will convert to half a common share of the new company.
After the merger, the new company will have 27 million common shares outstanding.
Company holdings include 10 properties covering more than 7,500 sq. km in Brazil.
Initially, the company will concentrate on a 1,000-sq.-km property in the Juruena region of Mato Grosso in central Brazil.
Preliminary exploration work on a 1-by-5-km core area of the property identified a series of northerly and easterly trending cross structures.
Numerous high-grade values have been found in conjunction with the structures, and drilling is expected to start in May.
The merged company also expects to initiate exploration programs, either directly or through farm-outs, on the other nine properties this year.
Be the first to comment on "Madison, Avenir plan to explore Brazilian properties"