Shareholders of Minorca Resources Ltd. (VSE), Orco Resources (ME) and Denyvan Resources (ME) have approved a reorganization plan enabling the companies to merge.
The merger was effected Jan. 1 through an amalgamation of Minorca Resources Ltd., Orco and a wholly owned subsidiary of Denyvan.
Prior to the amalgamation, Denyvan changed its name to Minorca Resources Inc. and consolidated its issued and outstanding shares on
0.92-new-for-1-old-share basis.
After the amalgamation, each shareholder of Minorca Resources Ltd. was able to receive one share of Minorca Resources Inc. for each share in Minorca Resources Ltd. it held.
Orco shareholders were able to receive 0.4 of a share of Minorca Resources Inc. for each Orco share held.
Minorca Resources Inc. is now the sole shareholder of the amalgamated corporation.
Minorca Resources Ltd., Orco and Denyvan will inform their respective shareholders this month as to the procedure enabling them to obtain new share certificates of Minorca Resources Inc.
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