Monte Carlo, Kidd Res plan amalgamation

An amalgamation proposal has been announced by Monte Carlo Resources and Kidd Resources. Both companies share the same management. The amalgamation must be approved by Kidd shareholders at a meeting scheduled for early December. The deal is also subject to approval of the Supreme Court of B.C. and the partial lifting of a cease trade order outstanding against Kidd.

First Kidd and wholly-owned private company Kidd B.C. will amalgamate on the basis of one share for one preferred share of the new company. These preferred shares will then be exchanged for Monte Carlo common shares on the basis of one Monte Carlo share for each five preferred shares held. The deal will see Monte Carlo issue 759,151 common shares.

Monte Carlo’s main asset is an exclusive right to explore for precious metals on the Carribean island of Aruba in the Dutch Antilles.